ETH/USDT Analysis Update!
2024-10-16

Ethereum shows signs of resistance near the upper trendline within a descending channel, indicating a potential pullback in the near term.
Ethereum is currently testing the resistance level at the channel's upper boundary. Previous attempts to break the above have resulted in pullbacks, which could happen again if buying pressure does not increase.
The highlighted yellow area is a crucial support area, where buying activity has provided consistent upside in the past.
The recent price action indicates a potential bearish divergence, indicating potential downward movement if confirmed.

Consider a short position if the price fails to break the resistance level.
A stop-loss can be placed slightly above the resistance line to manage risk.
Target the lower support area around $2,270 to $2,210 as a potential area for profit-taking.
Continuous monitoring of Ethereum’s price action around the resistance level will be crucial to anticipate the next significant move.

Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.

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