ETH Bears Hold Ground as Key Support Levels Are Tested
2024-12-20
Category: None

BINANCE:ETHUSDT   has displayed bearish momentum on the 1-hour chart, with prices retreating from recent highs. Resistance is evident at $3646.70 and $3672.13, while the critical support level at $3381.47 is being tested. The narrowing price range suggests a potential breakout in the coming sessions.

Technical indicators confirm bearish pressure. The 9 EMA has consistently traded below the 20 EMA, highlighting persistent selling momentum. The MACD histogram indicates diminishing bearish divergence, signaling a possible reversal. RSI levels nearing oversold territory imply that a rebound could be imminent.

 Trading Strategy:  Short positions might be favorable near resistance levels at $3646.70, with stops just above. Long traders could consider entries at the support level of $3381.47, targeting the first resistance at $3646.70 for an exit.
