INSUBCONTINENT EXCLUSIVE:
Key point:Ether (ETH) is witnessing selling above the $3,000 level, but a positive sign is that the bulls have not given up much ground
That suggests the investors are backing it for more upside
Ethereum treasury companies have also been on a buying spree, having bought more than 545,000 ETH over the past 30 days, according to recent
from $3,083 on Sunday, indicating profit-booking by short-term buyers above $3,000.ETH/USDT daily chart
Source: Cointelegraph/TradingViewThe first support on the downside is $2,879 and then $2,738
If the price rebounds off the support zone, it suggests solid demand at lower levels
That increases the likelihood of a break above the $3,083 resistance
If that happens, the ETH/USDT pair could surge to $3,153 and subsequently to $3,400.This positive view will be invalidated in the near term
if the price continues lower and breaks below the 20-day exponential moving average (EMA) ($2,734)
That suggests the markets have rejected the breakout above $2,879
The pair may then slump to $2,500.Related: Ethereum investors pile into ETH amid massive weekly surgeETH/USDT 4-hour chart
Source: Cointelegraph/TradingViewThe pair bounced off the four-hour chart, but the long wick on the candlestick shows selling near the
The relative strength index (RSI) has formed a negative divergence, signaling that the bullish momentum may be weakening.If the price turns
down and breaks below the neckline, the pair will complete a bearish head-and-shoulders pattern
This setup has a target objective of $2,773.Instead, if the price turns up and breaks above the $3,083 resistance, the negative setup will
That could propel the pair toward $3,246 and then to $3,400.This article does not contain investment advice or recommendations
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
