ETHUSDT: Slipping off highs, waiting for new support
Hello dear friends, what do you think about the next trend ETHUSDT?
Overall, ETHUSDT has leveled off after a strong recovery from speculators buying. It is currently trading at a new high of $3,510 and is capped below the $3,600 resistance, marking a 0.46% gain on the day.
Regarding technical analysis, it can be seen that: EMA 34 has begun to show signs of reversal, signaling that the downtrend has begun to develop. Accordingly, the H1 setup shows us that the market's strong resistance level is 3600. At the same time, the range between 3600-3405 may change, allowing us to establish a double top pattern. That said, the price should break the 3405 support level and correct further.
I expect price to retest the 3100 level with a hit to the downside. If the price quickly returns to this support level, the likelihood of a breakout increases. Basically, the Bitcoin market is showing weakness so we can expect a negative scenario for now before any catalyst pushes the price back up with the forecast scenario being 4093 USD.
Overall, ETHUSDT has leveled off after a strong recovery from speculators buying. It is currently trading at a new high of $3,510 and is capped below the $3,600 resistance, marking a 0.46% gain on the day.
Regarding technical analysis, it can be seen that: EMA 34 has begun to show signs of reversal, signaling that the downtrend has begun to develop. Accordingly, the H1 setup shows us that the market's strong resistance level is 3600. At the same time, the range between 3600-3405 may change, allowing us to establish a double top pattern. That said, the price should break the 3405 support level and correct further.
I expect price to retest the 3100 level with a hit to the downside. If the price quickly returns to this support level, the likelihood of a breakout increases. Basically, the Bitcoin market is showing weakness so we can expect a negative scenario for now before any catalyst pushes the price back up with the forecast scenario being 4093 USD.
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