$ETH /USDT Chart Analysis for Binance
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📉 ETH/USDT Technical Update: Consolidation or Correction?
Ethereum ($ETH) is currently showing some interesting price action on the 1-hour chart. After hitting a local high of $2,957, we are seeing a period of consolidation with a slight bearish tilt.
The Key Takeaways:
Price Level: ETH is hovering around $2,921, struggling to reclaim the psychological $2,950 resistance.
Moving Averages: We are seeing a "squeeze" between the MA(7) and MA(99). The price is currently fighting to stay above the 7-period yellow line. A break below the purple MA(99) ($2,926) suggests short-term momentum is cooling off.
Volume: Trading volume remains relatively steady, but without a significant spike, a breakout might lack the "gas" needed to clear $3k today.
What to Watch For:
Support: If we dip, look for strong support near the $2,875 mark (24h low).
Resistance: A clean candle close above $2,957 could open the doors for a run toward $3,000.
Strategy: The RSI isn't visible here, but the candlestick wicks suggest some selling pressure at the top. Patience is key—waiting for a confirmed trend break might be safer than catching a falling knife.
What’s your move? Are you 🐂 Bullish or 🐻 Bearish on ETH this week? Let me know below! 👇
#ETH #Ethereum #CryptoTrading #TechnicalAnalysis #BinanceSquare $ETH
