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ETHUSD is experiencing a retracement phase, currently traded at 2620.71 after a recent decline. The price has tested the 23.6% Fibonacci retracement level and is consolidating near this level zone. The market remains in a corrective structure, with potential for either a break out or further downside continuation.
The price has fallen below the 50-week moving average, indicating a weakening bullish momentum. The Fibonacci 23.6% retracement level is currently acting as Resistance, with 2434.30 as the next major downside level. The MACD histogram is declining, suggesting bearish momentum is still in play. A failure to hold above 2,620.71 could push ETHUSD lower, while a recovery above the 50-week MA would improve the outlook.
Market Observation & Strategy Advice:
1. Key Resistance: 2,850.00 – A break above this level could trigger a recovery towards 3,060.00 (38.2% Fibonacci retracement).
2. Key Support: 2,434.30 – If price falls far below 2,620.71, further declines toward this level are likely.
3. Momentum: Bearish bias remains as price trades below the 50-week MA and MACD is declining.
4. Trading Strategy: Short on breakdown below 2,620.71, targeting 2,434.30; long if price reclaims 2,850.00, aiming for 3,060.00.
5. Risk Management: Stop-loss for long positions below 2,430.00, stop-loss for short positions above 2,900.00.
Market Performance:
Crypto Last Price % Change
BTCUSD 97,571 +0.53%
XRPUSD 2.4631 -0.41%
DOGE 0.2633 +3.61%
Today’s Key Economic Calendar:
UK: GDP Growth Rate QoQ & YoY Prel
EU: ECB Economic Bulletin
US: PPI MoM
Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. All investments involve risk and past performance is no guarantee of future results. Please consult your financial advisor for personalized investment advice.
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