#ETH/USDT #Analysis
Description
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+ The chart shows the total crypto market cap trading within a descending channel, suggesting a bearish trend in the broader market. The marketcap has recently dropped sharply, approaching the lower boundary of the channel, which aligns with a key horizontal support level around $2.09T.
+ The 21-Day EMA ($2.227T) and 55-Day EMA ($2.279T) are sloping downward, indicating bearish momentum. The marketcap is currently trading below these EMAs, reinforcing the overall bearish sentiment.
+ The critical support level at $2.09T is being tested. If this level holds, it could serve as a base for a potential bounce back towards the upper channel line and the EMAs. However, a break below this support could lead to further declines, potentially towards the psychological level of $2.00T or lower.
+ The RSI is currently in bearish territory, around 33, indicating that the market is oversold but could still move lower.
+ If the total market cap holds above the $2.09T support level and breaks back above the 21 EMA, we could see a short-term relief rally. Key resistance levels to watch are the 21 EMA ($2.227T) and the upper boundary of the descending channel.
Bullish Scenario:
If the total market cap holds above the $2.09T support level and breaks back above the 21 EMA, we could see a short-term relief rally. Key resistance levels to watch are the 21 EMA ($2.227T) and the upper boundary of the descending channel.
Bearish Scenario:
A break below the $2.09T support level could trigger further selling pressure, with the next key support levels around $2.00T and the lower boundary of the descending channel. This would confirm the continuation of the bearish trend.
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Enhance, Trade, Grow
---------------------------------------------------------------
Feel free to share your thoughts and insights.
Don't forget to like and follow us for more trading ideas and discussions.
Best Regards,
VectorAlgo
Description
---------------------------------------------------------------
+ The chart shows the total crypto market cap trading within a descending channel, suggesting a bearish trend in the broader market. The marketcap has recently dropped sharply, approaching the lower boundary of the channel, which aligns with a key horizontal support level around $2.09T.
+ The 21-Day EMA ($2.227T) and 55-Day EMA ($2.279T) are sloping downward, indicating bearish momentum. The marketcap is currently trading below these EMAs, reinforcing the overall bearish sentiment.
+ The critical support level at $2.09T is being tested. If this level holds, it could serve as a base for a potential bounce back towards the upper channel line and the EMAs. However, a break below this support could lead to further declines, potentially towards the psychological level of $2.00T or lower.
+ The RSI is currently in bearish territory, around 33, indicating that the market is oversold but could still move lower.
+ If the total market cap holds above the $2.09T support level and breaks back above the 21 EMA, we could see a short-term relief rally. Key resistance levels to watch are the 21 EMA ($2.227T) and the upper boundary of the descending channel.
Bullish Scenario:
If the total market cap holds above the $2.09T support level and breaks back above the 21 EMA, we could see a short-term relief rally. Key resistance levels to watch are the 21 EMA ($2.227T) and the upper boundary of the descending channel.
Bearish Scenario:
A break below the $2.09T support level could trigger further selling pressure, with the next key support levels around $2.00T and the lower boundary of the descending channel. This would confirm the continuation of the bearish trend.
---------------------------------------------------------------
Enhance, Trade, Grow
---------------------------------------------------------------
Feel free to share your thoughts and insights.
Don't forget to like and follow us for more trading ideas and discussions.
Best Regards,
VectorAlgo
Note
moved exactly as per my second scenario Note
A strong reversal is needed to push the crypto market. 
Enhance. Trade. Grow
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Enhance. Trade. Grow
🖥 Website: vectoralgo.com/
✈️ Telegram: t.me/VectorAlgo
🤖 Auto Trading Bot: t.me/VectorAlgo_Bot
🕸 SocialMedia: linktr.ee/vectoralgo
Join for latest signals/updates/advice.
🖥 Website: vectoralgo.com/
✈️ Telegram: t.me/VectorAlgo
🤖 Auto Trading Bot: t.me/VectorAlgo_Bot
🕸 SocialMedia: linktr.ee/vectoralgo
Join for latest signals/updates/advice.
Related publications
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.