ETHUSDT - 4H a correction phase
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Recent political developments have influenced the crypto market significantly. The rise in Trump’s chances initially propelled the crypto market upwards. However, with Biden dropping out of the presidential race and the introduction of his alternate candidate, Trump’s chances are now perceived to be decreasing, which could lead to a correction in the crypto market.
From a technical perspective,
ETHUSD has faced strong resistance at a key zone in the 4-hour time frame. Despite multiple attempts, 
ETHUSDT was unable to break through this crucial resistance level, suggesting a lack of bullish momentum to sustain higher prices. Additionally, the Relative Strength Index (RSI) shows a bearish divergence, indicating weakening buying pressure and potential for a downward move.
Given the inability to breach the resistance, the bearish RSI divergence, and the prevailing political uncertainties, it is likely that ETH will experience a pullback. This correction could provide a consolidation phase before the market assesses the next potential moves. Traders should be cautious and consider the potential for a short-term decline in ETH prices.
From a technical perspective,
ETHUSD has faced strong resistance at a key zone in the 4-hour time frame. Despite multiple attempts, ETHUSDT was unable to break through this crucial resistance level, suggesting a lack of bullish momentum to sustain higher prices. Additionally, the Relative Strength Index (RSI) shows a bearish divergence, indicating weakening buying pressure and potential for a downward move.Given the inability to breach the resistance, the bearish RSI divergence, and the prevailing political uncertainties, it is likely that ETH will experience a pullback. This correction could provide a consolidation phase before the market assesses the next potential moves. Traders should be cautious and consider the potential for a short-term decline in ETH prices.
Commentaire
Yeah, ETHUSD is on its way to $3200. Stay tuned for further analysis and updates.Commentaire
ETH followed our analysis perfectly! Our entry points were spot on, leading ETH to hit the bottom of the trading range. Watch this space for more precise trading insights! 🚀📉 #Ethereum #CryptoAnalysis #TradingSignals
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