At $2975, Ethereum (ETH) against the US Dollar (USD) appears to be experiencing oversold conditions, indicating a potential downward movement towards the $2257 level within a 1-day time frame. Technical analysis reveals signs of overextension in selling pressure, as evidenced by indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). The RSI likely indicates that Ethereum is oversold, while the MACD histogram may show a negative divergence, suggesting weakening bullish momentum. The current price level of $2975 may coincide with key resistance levels or psychological barriers, creating additional selling pressure. Failure to sustain above these levels could trigger further selling, leading to a price decline. Given these factors, it is reasonable to anticipate a downward movement in the ETHUSD pair towards the $2257 level. However, it's important to continuously monitor the market for any changes in dynamics that could alter this forecast. Traders should implement risk management strategies and consider potential scenarios, including the possibility of a reversal or consolidation, to mitigate potential losses.
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