ETHUSDT: Bearish Momentum Signals Further Decline
2024-11-05

ETHUSDT is showing clear bearish momentum on the 4-hour chart, with prices trading around $2,422. The downtrend is supported by the price consistently staying below the 34 and 89 EMAs, indicating strong selling pressure.

The purple resistance zone around $2,490 has held firm, preventing any upward movement. As shown in the chart, ETH appears poised for further declines if it continues to respect this resistance level. Potential targets for the downside are near $2,360 and $2,280, aligning with recent lows.

Traders might consider shorting opportunities if ETH remains below the resistance, with stop-losses set above the $2,490 level. Keep an eye on market sentiment and technical indicators to confirm the bearish outlook.