ETHUSDT: Buyers Reject 3450. Will Price Continue to Fall?
2024-11-13

ETHUSDT continues to be under bearish pressure from the 3445 formation. Panic? Profit-taking? Are buyers turning around?

Ethereum’s recent price pressure could be due to general market sentiment, possibly due to concerns over regulatory announcements or macroeconomic data impacting risk assets.

Theoretically, if the strength of the US dollar continues and the general market uncertainty persists, this could add further bearish pressure to Ethereum.

Technically, it is worth noting the support zones mentioned.

The 3130 level will hold for the long term as it is a very strong zone, but based on the setup and pattern, there is a high probability of seeing a breakout and decline. The 2775 - 2770 is an ideal zone to test as it is a strong intermediate bottom where price has responded to previous downside.

Let me know what you think about this setup or if you have specific questions about this analysis!