ETHUSDT : SELL or BUY ? 
2024-10-12

The ETH/USDT chart reveals a clear long-term downtrend, with prices steadily moving within a descending channel. Here's a more detailed analysis and a trading strategy based on the current market setup:

Analysis:
Downtrend: Ethereum has been consistently forming lower highs and lower lows, indicating a strong bearish momentum.
Key Resistance: The price is approaching a crucial resistance level around 2,670 USDT, marked by the upper boundary of the descending channel. This area is likely to act as a significant barrier.
Projection: Given the overall bearish structure, it’s highly probable that the price will meet resistance at this level and resume its downward trajectory towards the lower boundary of the channel.

Trading Strategy:
Entry: Consider entering a short position as the price nears the resistance at 2,670 USDT. This area presents a strong opportunity to capitalize on the continuation of the bearish trend.
Take Profit: Target profit levels around 2,300 USDT, or potentially lower, towards 2,100 USDT, where the channel's support lies.
Stop Loss: A tight stop loss should be placed just above the resistance zone, around 2,700 USDT, in case the price unexpectedly breaks out to the upside.

Final Thoughts:
The market sentiment remains bearish for Ethereum, and this setup offers a compelling opportunity to ride the downtrend. As always, caution is key, but the technical signals here suggest that the bears are still in control, and this resistance could be a prime entry point for those looking to short ETH