Ethereum (ETH) erases All of Its recent Gains.

FUNDAMENTAL OVERVIEW:

Ethereum has nullified the profits it amassed over an extended duration. The ETH/USD price chart paints a somber picture as the digital asset rapidly descends from its peak, retracing to levels that raise concerns about the durability of its earlier expansion.

The substantial drop in Ethereum’s price signals a noteworthy bearish trend, indicating the market’s reluctance to invest at previous peaks, possibly stemming from Ethereum’s recent underperformance. The failure to gain momentum and initiate a rebound emphasizes the susceptibility of Ethereum’s price in the present market conditions.

Ethereum has surpassed a previously perceived robust support level of around $2,350, which previously garnered significant buying activity. The breach of this level has triggered a cascading effect as the asset seeks new support. The next pivotal support lies at approximately $2,175, where potential buyers may intervene to impede further decline.

Conversely, any efforts towards a rebound will initially face resistance at approximately $2,338, now serving as the lower limit of the previous consolidation range before the decline. A conclusive breakthrough above this level, backed by substantial volume, may indicate a brief relief from selling pressure. However, the true challenge lies at elevated resistance points, historically positioned around $2,500, where Ethereum encountered difficulty sustaining upward momentum.

ETHEREUM TECHNICAL ANALYSIS DAILY CHART:

Technical Overview:

Ethereum is currently trading within a down channel.

Ethereum is positioned below all Moving Averages (SMA).

The Relative Strength Index (RSI) is in a Neutral zone, while the Stochastic oscillator suggests a Negative trend.

Immediate Resistance level: 2303.55

Immediate support level: 2237.63

HOW TO TRADE ETHEREUM

After a notable surge, Ethereum faced resistance, leading to a subsequent decline. Presently, Ethereum attempted an upward move but struggled to surpass the resistance level. It is currently trading near a crucial support zone, and a breach of this zone may indicate potential further downside.

TRADE SUGGESTION- Stop Sell– 2195.02, TAKE PROFIT AT- 2088.54, SL AT- 2273.47.