Ethereum (ETHUSD) Technical Analysis: Ethereum (ETHUSD) is currently trading at 1745.79, and the market sentiment appears to be in a bearish phase. The price is situated below several key Moving Averages, which signals that the digital currency is under selling pressure. A closer look at the technical indicators reveals a negative outlook, with the Moving Average Convergence Divergence (MACD) showing a downward trend, further confirming the market’s bearish sentiment.
Given these conditions, traders may consider executing a sell trade on any further price decline. The initial target for this sell trade would be at the 1727.95 level.
with a further potential drop towards the 1707.14 area. These levels represent possible support zones where price action could find a base or experience a short-term reversal. The trade setup suggests a moderate downward move in the short term.
as the price continues to face resistance below the key Moving Averages.
To manage risk, it is essential to place a stop-loss order above the 1774.18 level. This stop loss is set to protect traders in case the market unexpectedly reverses its course and moves higher. The stop loss is positioned above recent price highs, ensuring that any significant reversal does not result in excessive losses.
In summary, the current technical setup for Ethereum suggests a continuation of the bearish trend, making it suitable for a sell trade targeting the 1727.95 and 1707.14 levels. However, traders should remain cautious and use a stop loss at 1774.18 to mitigate the risk of an upward price movement. With the MACD and Moving Averages signaling a negative trend, it is crucial to monitor the market closely for any potential changes in momentum.
Ethereum (ETHUSD) Technical Analysis: On the other hand,
if the 1774.18 buy zone is broken, the price may head towards the 1790.37 area.
Ethereum (ETHUSD) Technical Analysis: Resistance and Support Levels
- Second Resistance: 1792.98
- First Resistance: 1770.8
- Pivot Level: 1758.67
- First Support: 1736.49
- Second Support: 1724.36
