ETH/USDT chart, which shows trading within a descending channel.
2024-10-10

ETH continues to trade within the descending channel, which indicates a bearish trend in the short term. A breakout above the upper trendline could signal a bullish reversal.

The immediate support level is around the $2,240 mark. If Ethereum sustains above this level, it could see a potential bounce, leading to a bullish move.

There is a crucial resistance zone around $4,000 to $4,400. ETH could face selling pressure when it approaches this zone.

The chart includes the 21-day simple moving average (SMA), which is acting as a dynamic resistance. A clear breakout above the SMA could be a bullish signal.

Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.

You can DM us for information on any other altcoin.
@Peter_CSAdmin