🚨 Ethereum Technical Analysis
🔥 ETH’s Crucial Moment! 🔥
Since 2022, Ethereum has been moving within an ascending channel 📈, using the black trendline as support. This line has provided consistent recovery, but ETH has struggled to break away from it recently.
🔍 In the last 2-3 months, Ethereum has tested this support around 20 times. Repeatedly testing support without breaking away is known as “refuting the support”. A breakdown seems increasingly possible with each test.
📉 What happens if the Black Line breaks?
If this crucial ascending support is broken, Ethereum could quickly drop to $1,600 or even lower as there’s no strong support after this level.
📈 Breaking the Green Line:
On the other hand, if ETH breaks the green falling trendline, it might escape the downward channel and trigger a breakout similar to early 2024! 🚀
🛑 Caution in the Market:
This uncertainty is why you should be careful with futures trading right now. Even in the spot market, it’s wise to wait before making any aggressive moves. Patience is key, friends! 🧘♂️
📉 Similar patterns can be seen with Bitcoin and altcoins, so stay alert and trade smart. 🧠💡
👉 DYOR (Do Your Own Research) and keep your strategies in check!
