ETH Rejection at $2,461: Bearish Target $2,320?
2024-10-10

The Ethereum (ETH/USDT) chart on the 1-hour timeframe shows a significant price rejection from the $2,461 level, which is a key resistance zone. The price is currently hovering around $2,406, and the trend is favoring a bearish outlook. Here is a brief analysis and trading strategy:

 Key Levels: 
Resistance Zone: $2,461 - $2,460 (red zone)
Support Levels: $2,357 (first target), $2,320 (secondary target)

 Analysis: 
The price is facing strong resistance from the $2,461 level, with multiple rejections indicating the dominance of sellers.

The short-term moving averages are aligning with the bearish trend, and the price is struggling to break back into the resistance zone.

The next probable move, as shown by the red arrows, is a bearish continuation towards the first support level at $2,357, with a further possible drop to $2,320 if the selling pressure continues.

 Trading Strategy: 
 Short Position:  Consider shorting near the $2,414 - $2,461 resistance zone if the price fails to break above it. Target $2,357 initially, and if the bearish momentum continues, aim for $2,320.
 Stop Loss:  Place a stop just above the $2,461 level to limit risk.

This setup favors bearish traders, but monitor the price action closely near the support levels for any signs of reversal.
