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Cryptocurrency prices remain under significant pressure, which is also clearly visible on the Ethereum chart. The price fell from around $5,000 in August to $2,700 in today’s session. On the D1 interval, there was a downward breakout of the key support at $2,850, which suggests a continuation of the downward movement. If the sell-off continues, the next target level for supply could be the $2,190 zone, resulting from the low on 22 June. On the other hand, in order to consider a return to growth, the price would have to return above $2,850, but at this stage it would only be a corrective signal, not a signal of a trend change.
Ethereum – D1 interval | Source: xStation5
On the H4 interval, we are observing a free downward movement and the establishment of a new low during today’s session. However, if the market corrects, the first significant resistance remains at $3,060, resulting from an earlier local low and several price reactions. A larger correction could, in turn, push the price towards the 100-period moving average, which currently stands at $3,270 and has been effectively maintaining the downward trend for a long time. Additionally, the 1:1 geometry is also located in the average area, which reinforces the importance of this zone — breaking it could be the first sign of the downward momentum fading.
Ethereum – H4 interval | Source: xStation5
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