Ethereum (ETH) against Tether (USDT) on Binance shows notable price action within a descending channel. The price is currently at $3,112.96, showing a slight increase of +1.51%.
ETH has been trading within a descending channel since early April. The price bounces off the lower boundary and moves towards the upper boundary.
The price found strong support in the $2,900 - $3,000 range. The 200MA (green line) acts as significant resistance above the current price. Additionally, the upper boundary of the descending channel serves as another resistance level.
A horizontal supply zone around $3,100 to $3,200 is creating selling pressure. The price was rejected at this level previously and is now attempting to break through again.
The 200-day moving average (200MA) is currently above the price and acts as resistance. A breakout above the 200MA would be a bullish signal. Volume:
Although not shown in this chart, volume is crucial in confirming breakouts or breakdowns. High volume on a breakout above the 200MA would strengthen the bullish case. Scenarios to Watch:
A breakout above the 200MA and the upper boundary of the descending channel would confirm a bullish trend. The next resistance levels to watch would be around $3,400 and $3,800.
A breakdown below the support zone and the lower boundary of the descending channel would indicate further downside. Key support levels below the channel would be around $2,700 and $2,400.
The price could also consolidate within the current range of $2,900 to $3,200, forming a base before a decisive move. Indicators and Signals: Monitoring RSI can help identify overbought or oversold conditions. MACD (Moving Average Convergence Divergence): Crossovers in MACD can signal potential trend reversals. ETH is rebounding from the support trendline and testing the 200MA Watch for a breakout above the 200MA or a breakdown below the support trendline. $3,200 (supply zone), $3,400, $3,800. $2,900, $2,700, $2,400. Stay alert for high-volume moves to confirm breakouts or breakdowns. This will provide a clearer direction for the next significant price action.
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