ETH: Oversold at Support
Ethereum (ETH) technical analysis:
Trade setup: After a bearish breakout from Rising Wedge pattern, price also broke below $1,800 support area and 200-day Moving Average. Now, price is getting oversold (RSI < 30) and approaching support of $1,500, which could be a swing trade entry area, albeit a riskier trade setup since overall trend is down.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish). MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $1,625, which it broke, then $1,500. The nearest Resistance Zone is $1,800 (previous support), then $2,000 and $2,140.
Trade setup: After a bearish breakout from Rising Wedge pattern, price also broke below $1,800 support area and 200-day Moving Average. Now, price is getting oversold (RSI < 30) and approaching support of $1,500, which could be a swing trade entry area, albeit a riskier trade setup since overall trend is down.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish). MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $1,625, which it broke, then $1,500. The nearest Resistance Zone is $1,800 (previous support), then $2,000 and $2,140.
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