Ethereum / TetherUSUpdated ETHUSDT : Downward correction in price channel .
Based on the provided ETHUSDT chart, ETH is trading within a descending price channel, with strong resistance at the upper trendline. The price is currently hovering around 2,643 USDT and has failed to break through the upper resistance, indicating that buying pressure is insufficient to push prices higher.
Technical Analysis:
ETH has attempted to test the upper resistance of the channel but has been unsuccessful, increasing the likelihood of a short-term decline.
The 34 and 89 EMA lines are providing dynamic support for ETH, particularly around the 2,608 USDT level, which serves as a crucial support zone to watch.
If the price breaks below the lower trendline of the descending channel, a deeper drop towards lower levels around 2,580 USDT or further could be expected.
Conversely, if ETH manages to recover and break the upper resistance of the channel, the price could rise toward the higher levels around 2,680 - 2,700 USDT.
Prediction: In the short term, ETH is likely to continue its downward movement, testing lower support levels near 2,608 USDT before potentially experiencing a minor rebound.
Technical Analysis:
ETH has attempted to test the upper resistance of the channel but has been unsuccessful, increasing the likelihood of a short-term decline.
The 34 and 89 EMA lines are providing dynamic support for ETH, particularly around the 2,608 USDT level, which serves as a crucial support zone to watch.
If the price breaks below the lower trendline of the descending channel, a deeper drop towards lower levels around 2,580 USDT or further could be expected.
Conversely, if ETH manages to recover and break the upper resistance of the channel, the price could rise toward the higher levels around 2,680 - 2,700 USDT.
Prediction: In the short term, ETH is likely to continue its downward movement, testing lower support levels near 2,608 USDT before potentially experiencing a minor rebound.
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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.