Crypto Blog
Ethereum has recently experienced increased selling activity, breaching the 100-day moving average and leading to a substantial decline toward the 200-day MA.
A close examination of the daily chart reveals that after an extended period of corrective retracements near the crucial 100-day moving average at $3386, sellers ultimately gained control, leading to a break below this key MA. This price action clearly indicates a bearish sentiment in the market, with sellers dominating. However, Ethereum is currently hovering around the crucial and decisive support region of $3K and is expected to undergo a period of consolidation before initiating its next major move. If a pullback to the broken 200-day MA occurs, the continuation of the bearish trend will become more likely.The 4-hour chart shows that following a period of sideways consolidation above the $3.
Additionally, the RSI indicator has dropped below 30, indicating potential short-term market correction before the next significant move. Hence, consolidation is likely in the short term, allowing the market to rest and regain momentum. In this scenario, the price range between 0.5 and 0.618 Fibonacci levels will be the main target for the corrective movements in the short term.
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