Ethereum is currently encountering a crucial price range between $2370 and $2400, with the lower trendline of this range serving as a formidable resistance. Presently, Ethereum is experiencing rejection at this level, indicating a significant challenge for bullish momentum.
For the bulls to gain control and initiate an upward trend, it is essential for Ethereum's price to break through the resistance presented by the $2370 to $2400 range. If successful, this could signal a positive shift in market sentiment.
However, should the prevailing bearish pressure persist, there is a likelihood that Ethereum may face rejection and decline towards the lower support level. Traders and investors are advised to stay informed and monitor the market closely for updates on the evolving situation. I will provide further updates as the scenario unfolds.
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ETHUSD
Update:
ETH has recently closed a daily candle above the resistance level of $2400. However, when we look at the chart, we can see that ETH is still finding it difficult to break through the lower trendline of the channel.
Furthermore, the trading volume is decreasing, and the Ichimoku cloud is acting as resistance. To confirm the trend reversal, we need to witness a daily candle close above the lower trendline of the channel.
Stay tuned for further updates.
#DYOR
ETHUSD
Update: ETH has recently closed a daily candle above the resistance level of $2400. However, when we look at the chart, we can see that ETH is still finding it difficult to break through the lower trendline of the channel.
Furthermore, the trading volume is decreasing, and the Ichimoku cloud is acting as resistance. To confirm the trend reversal, we need to witness a daily candle close above the lower trendline of the channel.
Stay tuned for further updates.
#DYOR
Stay informed and monitor closely for updates.
#Crypto