ETHUSDT Faces Strong Resistance, Downtrend Persists
2024-11-06

ETHUSDT is currently trading around 2,589 USDT and remains within a downward channel on the 4-hour chart. Each time the price approaches the resistance line of this channel, selling pressure increases, pushing ETH back into the downtrend. The main trend is still bearish, with signals indicating that selling pressure is dominating in the short term.

Key Analysis Points
Important Resistance Zone: ETH is facing a strong resistance level right at the upper boundary of the downward channel. This is a zone where sellers typically capitalize on to increase pressure, pushing the price back down.

Short-Term Support Level: The current support lies around 2,480 USDT. This level may trigger some defensive buy orders. However, if it is breached, ETH may continue to drop further, potentially heading below 2,400 USDT.

Next Trend: If ETH fails to break through the channel resistance, a significant correction is likely, aligning with the ongoing downtrend. In this scenario, ETH could continue to move downward, with the next target at a deeper support level.

Given the current situation, a selling strategy appears to be more promising as ETH approaches resistance zones within the downward channel without breaking through.