#ETH
ETH Update: Testing Key Support – Bounce or Breakout?
Ethereum ($ETH) is currently showing some intense price action on the 4H chart. After a rejection from the $3,368 local high, we’ve seen a significant pullback. Here is the breakdown:
🔍 Technical Overview:
Price Action: ETH is currently trading at $2,908, sitting right on the 0.786 Fibonacci Retracement level ($2,908.06). This is a "do or die" zone for bulls to prevent further downside.
Moving Averages: The price is trending below the EMA(7), EMA(25), and EMA(99), indicating that the short-to-medium term momentum remains bearish.
Indicators: * MACD: We see a slight flattening of the bearish histogram, suggesting the selling pressure might be cooling off, but a bullish crossover hasn't happened yet.
Stoch RSI: Currently hovering around the 60 level after a move out of the oversold zone; we need to see if it can maintain upward momentum.
🛡️ Strategy Points:
Support: If $2,900 fails to hold, the next psychological floor sits at $2,866 (1.0 Fib level).
Resistance: A recovery needs to reclaim the $2,970 - $3,000 zone to flip the sentiment back to bullish.
Bottom line: We are at a high-volatility juncture. Watch the 4H candle close closely. If we hold this Fib level, we could see a relief rally toward the $3,050 area.
What’s your move? Are you buying the dip or waiting for $2,800? 👇