"ETH/USDT 1H: Sideways with an Eye on the 200 Moving Average"
2024-10-06

ETH is now in a consolidation phase, sideways movements. The 200 MM is just above it, ETHUSDT often gravitates towards the 200 MM, so there is a possible upward movement in search of the 200 MM, the MACD intensifies the probability of an increase since it shows a bullish crossover, on the other hand the RSI is in an overbought condition, signaling a possible exhaustion of buying forces.

Let's see how everything will unfold!

If ETH breaks the resistance of $2436, it will go in search of the 200 MM at $2475. Now if it goes in a bearish direction and breaks $2387, then it only stops at 2352.

Bigger movements are expected at the opening of NASDAQ futures at the end of the day!