CandleFocus Ethereum Technical Analysis: ETH Faces Pivotal Resistance
2024-09-09
Author: Content Editor
The content discusses the current market situation for Ethereum, noting a strong downtrend across multiple timeframes. It mentions mixed signals from oscillators and a bearish outlook based on moving averages. The 1-hour chart shows a range-bound market with support at $2,240 and resistance at $2,338. The 4-hour chart shows a mild recovery after hitting a low of $2,149, with support at $2,240 and resistance at $2,338 and $2,450. The daily chart confirms a prolonged downtrend, with support at $2,149 and resistance at $2,823. The oscillators provide mixed signals, with the RSI neutral but the CCI and momentum suggesting a buy signal. The MACD signals continued bearish momentum. The article suggests that a breakout above $2,350 resistance could lead to short-term gains, but failure to hold above $2,300 support could result in further declines.
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