Daily Price Outlook
- Ethereum faces a critical challenge as it completes a 50% Fibonacci retracement at $1760, with a triple-top pattern forming as a major hurdle.
- Mixed signals emerge for Ethereum with the presence of doji and spinning top candles, reflecting investor uncertainty and cautious sentiment.
- Technical indicators such as RSI and MACD remain bearish, indicating the potential for further downside movement in Ethereum’s price.-
On the 24-hour dancefloor, Ethereum has reached a make-or-break moment, completing a groovy 50% Fibonacci retracement around the $1760 zone. This level has transformed into a formidable triple-top pattern, becoming a major hurdle for Ethereum’s upward groove.
The arrival of an inverted hammer candlestick at $1760 adds a bearish twist, signaling a weakening of buying pressure and the potential rise of dominant sellers.
Amidst the dancefloor, Ethereum is showing off some mixed moves with the appearance of doji and spinning top candles. These funky patterns reflect investor indecision and uncertainty, as both the bulls and the bears battle it out for control.
This cautionary vibe adds to the groovy sentiment surrounding Ethereum’s price sway. When it comes to the technical groove, Ethereum is likely to sway further downward, especially if it struggles to break convincingly above the $1760 level.
The next spot for potential support can be found around $1690, where eager buyers might bust out their moves to stabilize the price and regain control.
In a nutshell, keep your eyes locked on the $1767 level, as it holds the power to dictate Ethereum’s next moves on the dancefloor.
ETH/USD Price Chart – Source: Tradingview
ETH/USD – Trade Idea
Entry Price –– Sell Stop 1700
Stop Loss – 1750
Take Profit – 1660
Risk to Reward – 1 : 0.8
Profit & Loss Per Standard Lot = +$400/ -$500
Profit & Loss Per Micro Lot = +$40/ -$50
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