Ethereum presents a mixed picture with a potential bullish reversal on longer timeframes but a strong bearish trend on shorter ones.
Ethereum has formed an inverse head and shoulder pattern on the 2-week timeframe, signaling a potential bullish reversal for higher timeframes. However, the daily and lower timeframes display a strongly bearish sentiment, with the price falling below the $3.4k support zone and losing its short-term range.
The drop below $3,509 on December 19th confirmed a bearish shift on the daily charts, accompanied by an RSI drop below 50 and a lack of significant gains in the OBV since the second half of November. This suggests a continuation of the downtrend, with the $3.4k former support zone now acting as resistance. The $3,555 and $3,101 levels are crucial for ETH's next price move, while the $3,314 level could provide a short-term bounce. A resurgence of buying pressure is needed to turn the daily timeframe bias bullish
ETHEREUM CRYPTO TECHNICAL ANALYSIS TREND SUPPORT AND RESISTANCE
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Price Shows Mixed Signals: Buy Signal Emerges Amidst Potential CorrectionBitcoin's price action remains volatile with both bullish and bearish signals. While recent price movements suggest potential correction, a buy signal on the hourly chart sparks optimism.
Read more »
Jupiter eyes $1.90: Can JUP reach a new lifetime high?JUP nears $1.90 amid mixed signals, with bullish patterns clashing against bearish sentiment.
Read more »
XRP whale moves hint at supply squeeze: Is $4 next?XRP whales spark supply squeeze signals, with a potential breakout to $4 amid mixed market indicators.
Read more »
Ethereum Could Be on the Verge of a Retracement Amidst Mixed SignsThe cryptocurrency Ethereum (ETH) has shown signs of maintaining bullish momentum from November. However, increasing whale sell pressure, large holder outflows, and a bearish divergence with the RSI indicate potential bearish momentum leading to a retracement.
Read more »
Why Toncoin’s recovery may not be sustainable – Mixed signals emergeToncoin has seen a rebound in its price. However there has also been declining DEX activity on the TON network. How does this affect TON?
Read more »
INJ Price Analysis: Mixed Signals Amidst Declining Network EngagementINJ price experiences a slight decline, technical indicators show mixed momentum, while network engagement drops.
Read more »