The Market is showing signs of adjustment following a recent increase in trading activity. Investors are closely monitoring the changes to gauge the overall Market direction. Stay tuned for more updates on TradingView News.
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Ethereum’s price recently took a hit, dropping below the $3,040 mark after a period of gains. Currently, ETH is testing the $2,925 support level and could see a potential upward trend in the near future.
The downward correction began after bears defended the $3,040 price point. ETH is currently trading below $2,960 and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance at $2,965 on the hourly chart of ETH/USD.
Despite the correction, Ethereum saw a brief improvement, climbing above $2,950 and $2,960 levels before hitting resistance near $3,040. A new weekly high was reached at $3,039 before the price started to dip again.
Now trading below $2,960 and the moving average, ETH is finding support near the $2,925 level. Immediate resistance lies at $2,960, with a bearish trend line at $2,965 on the chart.
If Ethereum manages to break through the $3,000 resistance, it could surge towards $3,150 and potentially hit the $3,220 mark. However, failure to surpass the $2,965 resistance might lead to further downward movement, with support levels at $2,925 and $2,900. Any significant break below $2,900 could see ETH drop to $2,850 or even $2,740.
Looking at technical indicators, the Hourly MACD is showing a loss of momentum in the bearish zone, while the Hourly RSI is below the 50 level.
In conclusion, Ethereum’s price is currently at a critical point, with support at $2,925 and resistance at $2,965. Any breakthrough in either direction could dictate the future trend of ETH’s price movement.
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1. What caused the recent increase in the Market?
– The recent increase in the Market was likely due to positive news or events that boosted investor confidence.
2. Why is the Market adjusting now?
– The Market is adjusting after the recent increase to find a new balance between supply and demand.
3. How long will the Market adjustment last?
– The duration of the Market adjustment is uncertain and will depend on various factors such as economic conditions and investor sentiment.
4. Should I be concerned about the Market adjusting?
– Market adjustments are a normal part of the trading cycle and not necessarily a cause for concern. It is important to monitor the situation and make informed decisions.
5. How can I take advantage of the Market adjustment?
– Investors can potentially benefit from a Market adjustment by identifying undervalued assets and making strategic investment decisions.
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Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
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