Ethereum Analysis: Key Support and Potential Downside 24.12.26
Hello, this is Greedy All-Day.
Today’s analysis focuses on Ethereum.
30-Minute Chart
This is a 30-minute chart.
Since my last Ethereum analysis, the short-term ascending trendline has been broken, which prompted me to update the analysis.
Currently, Ethereum is holding support at the orange box supply zone, and the 3356 level will be a critical support to watch today.
Although the ascending trendline has been broken, the price has not yet breached the lower boundary of the supply zone, so it’s unclear whether the trend has definitively turned bearish.
However, if the price breaks below this level, it could signal a trend reversal. In that case, the initial downside target would be the red box supply zone, with the potential for a larger drop toward the blue box zone.
Daily Chart
On the daily chart, it’s important to refer back to the previously established long-term trend analysis.
This provides a broader perspective for making informed trading decisions.
Conclusion:
Ethereum’s short-term outlook hinges on the 3356 support level. A breakdown below this level could trigger further downside, but as of now, the supply zone is holding.
Trade wisely, and best of luck in your trades! 🚀
Today’s analysis focuses on Ethereum.
30-Minute Chart
This is a 30-minute chart.
Since my last Ethereum analysis, the short-term ascending trendline has been broken, which prompted me to update the analysis.
Currently, Ethereum is holding support at the orange box supply zone, and the 3356 level will be a critical support to watch today.
Although the ascending trendline has been broken, the price has not yet breached the lower boundary of the supply zone, so it’s unclear whether the trend has definitively turned bearish.
However, if the price breaks below this level, it could signal a trend reversal. In that case, the initial downside target would be the red box supply zone, with the potential for a larger drop toward the blue box zone.
Daily Chart
On the daily chart, it’s important to refer back to the previously established long-term trend analysis.
This provides a broader perspective for making informed trading decisions.
Conclusion:
Ethereum’s short-term outlook hinges on the 3356 support level. A breakdown below this level could trigger further downside, but as of now, the supply zone is holding.
Trade wisely, and best of luck in your trades! 🚀
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.