Ethereum Analysis: Death Cross in Play
2024-12-26
Category: None

Hey, TradingView family! 🚨

I’m sharing my latest analysis of ETH/USDT on the 4-hour chart. We’ve just witnessed a Death Cross (the 50 EMA crossing below the 200 EMA), a classic bearish signal. 📉

Key points:

The price is forming a descending triangle, often a continuation pattern signaling more downside.
The projected move from this pattern suggests a drop to $2,921, aligning with the measured move from the triangle.
Recent resistance around $3,346 seems to confirm sellers are in control. If we break below the $3,159 support, further downside could accelerate.
Keep an eye on: 1️⃣ Volume confirmation on breakdowns. 2️⃣ Support levels around $3,178 and $3,113 before hitting the target zone.

Trade safe, everyone! Let me know your thoughts or if you see any alternative setups.

#ETHUSDT #Crypto #Trading #TechnicalAnalysis