ETHUSDT has displayed bearish momentum on the 1-hour chart, with prices retreating from recent highs. Resistance is evident at $3646.70 and $3672.13, while the critical support level at $3381.47 is being tested. The narrowing price range suggests a potential breakout in the coming sessions.Technical indicators confirm bearish pressure. The 9 EMA has consistently traded below the 20 EMA, highlighting persistent selling momentum. The MACD histogram indicates diminishing bearish divergence, signaling a possible reversal. RSI levels nearing oversold territory imply that a rebound could be imminent.
Trading Strategy: Short positions might be favorable near resistance levels at $3646.70, with stops just above. Long traders could consider entries at the support level of $3381.47, targeting the first resistance at $3646.70 for an exit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.