ETHEREUM → Consolidation after a bearish trend break
2024-12-19
Category: None

BINANCE:ETHUSD  is consolidating within the flat boundaries of 4085 3530. In general, there is a bullish trend, the fundamental background is also favorable except for yesterday's news, which creates a small risk... 

  

The price is at a strong resistance between 4090 and 4100 and it will take a lot of energy to break this area. Yesterday's news was generally controversial but with a negative bias. Despite the decline in interest rates, there were strong hints of stopping the decline and taking a hawkish course. Bitcoin is giving a small correction against this backdrop, which is negative for altcoins.
Ethereum technically did not break the bullish structure, a very strong support area of 3530 - 3440 is formed on the chart and with high probability a retest is possible, a liquidity grab with the aim of further growth. There are risks for further fall, they can be taken into account, but we can consider an attempt of growth as a priority. 

 Resistance levels: 4086, 4100, 4372
Support levels: 3530, 3440, 3261 

Since the price is inside the consolidation, our strategy is simple - trading from the channel boundaries. Accordingly, based on the current situation, we should consider a retest of support before further growth. 

Regards R. Linda!