ETH/USDT Technical Analysis (15-Minute Chart)

• Price Action: Ethereum is currently trading at $2,683, after facing rejection near the $2,722 level. The price shows a short-term bearish reversal, moving below the 7-period EMA.

• EMA Levels:

• EMA(7): $2,695

• EMA(25): $2,684

• EMA(99): $2,654

Price action is hovering close to these EMAs, indicating indecision in the market.

• Stochastic RSI: At 42.06, the Stochastic RSI is entering a neutral zone after bouncing from oversold levels, suggesting that ETH might be ready for a reversal if buying pressure increases.

• MACD: The MACD shows some bearish momentum with a recent bearish cross and a MACD value of -0.17, but it is not too far from a potential reversal based on price action.

• RSI Levels:

• RSI(6): 38.79 (close to oversold)

• RSI(12): 48.33

• RSI(24): 52.63

RSI indicators suggest some downward momentum, but the oversold conditions on the 6-period RSI could hint at a near-term bounce.

Trading Strategy

Long Strategy:

• Entry: Consider entering a long position if ETH reclaims the EMA(7) level around $2,695, confirming a bullish momentum shift.

• Take Profit: Set targets at $2,722 and $2,740.

• Stop Loss: Place a stop loss below $2,640, where support was previously seen.

Short Strategy:

• Entry: If ETH fails to break above $2,700 and shows further weakness, enter a short position.

• Take Profit: Target $2,640 for short-term gains.

• Stop Loss: Set a stop loss above $2,715 to minimize risk in case of reversal.

This strategy balances the potential for a short-term bounce with caution for further downside, especially as the Stochastic RSI hints at potential upward movement soon.