SasanSeifi| Is Ethereum Poised for a Move to Higher Levels?
2024-10-16

Hey there, ✌ In the daily timeframe analysis, as shown, the price has entered a downward trend from the $4,000 range. Following this price drop, it reacted at the important support level of $2,100, oscillating between the price ranges of $2,100 to $2,800. Currently, after observing demand at the $2,300 level, the price has experienced slight positive fluctuations and is trading around $2,600.

Based on the candlestick behaviour, it is anticipated that in the short term, the price may rise towards the important resistance levels of $2,700 to $2,820, with some minor positive fluctuations. If the price breaks above $2,820 and stabilizes in lower timeframes, the likelihood of further price growth towards the resistance zone of $3,000 to $3,250 increases. In such a scenario, monitoring the price reactions at these levels will be essential for evaluating the next trend. However, if the $2,820 level is not breached and the price fails to maintain its stability, the possibility of a price retracement may rise.

The long-term outlook remains bearish, with expectations for the price to move towards the $1,800 to $1,500 range.

In the daily timeframe, the $2,450 to $2,300 levels serve as critical support. Maintaining the price above these levels is crucial for the desired scenario.

Sure, if you have any more questions or need further clarification, feel free to ask. I'm here to help!
If you found my analysis helpful, I would appreciate it if you could show your support by liking and commenting. Thank you!🙌✌
