Ethereum's Price Situation
Ethereum (ETH) has seen a turbulent phase recently. After a slight rebound at the $2,800 support level, it reached a peak near $3,600. However, this high was short-lived as selling pressure increased, notably during a period referred to as “Black Monday,” causing a significant 40% drop. As a result, Ethereum broke its previous support, marking a new low at $2,100. This level of price corresponds to previous support established at the end of 2023, serving as a crucial barrier for ETH. Fortunately, Ethereum found buying support at this level, which allowed it to rise back to $2,800, although this momentum was not sustained.
Currently, Ethereum is trading around $2,400, indicating persistent selling pressure that complicates any changes to its short-term bearish structure. In terms of the medium and long-term trend, while theoretically bullish, it remains ambiguous. Ethereum has fallen below its 50-day and 200-day moving averages, both of which have experienced downward crossovers. Analyzing the momentum, there seems to be a last rebound holding its ground for now, as evidenced by Ethereum's price and its oscillators—tools that help detect possible overbought or oversold conditions.
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