Ethereum has crossed below the 50-day EMA, raising concerns about its bullish trend and potential for further decline.
The 50-day Exponential Moving Average (EMA), a key technical support level for Ethereum 's bullish momentum, has been breached. This signals a potential turning point for the asset, raising questions about the sustainability of its recent recovery and its ability to withstand further downward pressure. The decline in the Relative Strength Index (RSI) further emphasizes weakening buying pressure.
If Ethereum fails to swiftly reclaim the 50 EMA, a further decline towards the 100 EMA around $3,100 is possible. Breaking this level could trigger a sell-off extending towards the 200 EMA at $3,044, the last major support before a significant correction. Conversely, if Ethereum rebounds above the 50 EMA with increased volume, it could indicate renewed bullish momentum, potentially pushing the price towards $3,800 with $3,500 serving as a resistance level. The coming trading sessions are crucial for determining Ethereum's direction. Reclaiming the 50 EMA is essential to prevent further downward pressure. However, persistent selling pressure could lead to a more severe correction
Ethereum CRYPTO Technical Analysis 50 EMA Support Levels
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