Stable Performance, Clear Range Channel and Potential Breakout
During the initial day of the current week, Ethereum demonstrated a relatively stable behavior, exhibiting minimal volatility and maintaining a consistent value near the support level of $1,730. An observable pattern can be identified in both the 4-hour and 1-hour timeframes, characterized by the formation of a channel bounded by this support level and a resistance level at $1,780. Notably, recent market activity reveals the buyer's endeavor to drive the price upwards. However, it is crucial to consider the forthcoming significant economic news that may impact market dynamics. It is anticipated that once the price breaks out of the aforementioned channel, the market will likely resume its previous trend, accompanied by an increase in transaction volume. Furthermore, breaching the resistance level at $1,777 could potentially facilitate Ethereum's entry into the $1,800 range.
The RSI level at 40 suggests a neutral market sentiment, while the MACD value of -18 indicates a bearish trend with downward momentum.
The RSI level at 40 suggests a neutral market sentiment, while the MACD value of -18 indicates a bearish trend with downward momentum.
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