Daily Price Outlook
- Ethereum’s recent break below the $1,770 support in a symmetrical triangle pattern signals strong selling pressure.
- With RSI and MACD both indicating a selling trend, Ethereum may target the $1,700 support level if it stays below $1,760-$1,770.
- A rebound above $1,770 could shift momentum, pushing Ethereum towards resistance levels at $1,818 and $1,850.
Ethereum is currently experiencing significant fluctuations. According to technical analysis, Ethereum recently broke below a symmetrical triangle pattern, losing support at around $1,770.
This has caused Ethereum to slide further below $1,740. The appearance of a bearish engulfing candlestick, followed by a doji candlestick, indicates that sellers are dominating the market. Furthermore, the Relative Strength Index (RSI) is below 50, hinting at a stronger selling trend.
The Moving Average Convergence Divergence (MACD) is also indicating a selling trend, reinforcing the bearish sentiment. As long as Ethereum remains below $1,760 to $1,770, the downward trajectory may continue, possibly targeting the $1,700 support level, which has historical significance.
If the price falls below $1,700, it may continue to decline to around $1,647 or potentially even $1,600.
On the flip side, if Ethereum manages to break above the $1,770 level, it could move towards the next resistance levels at $1,818 and $1,850. These levels could be seen as exit points for some investors.
In conclusion, it is crucial to closely monitor the $1,770 level, as a break in either direction could be indicative of Ethereum’s next major move.
ETH/USD Price Chart – Source: Tradingview
ETH/USD – Trade Idea
Entry Price – Sell Below 1760.0
Stop Loss – 1784.8
Take Profit – 1703.3
Risk to Reward – 1: 2.2
Profit & Loss Per Standard Lot = +$567/ -$248
Profit & Loss Per Micro Lot = +$56/ -$24
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