Ethereum Formed a double-top pattern, which is a bearish signal—however, Stochastic hints at an oversold market. A Dip below the immediate support at $3210 can trigger the downtrend, targeting $3100.
Ethereum Technical Analysis – 27-December-2024
Ethereum is in a bear market, below the 75-period simple moving average. As for the other technical indicators, the Awesome Oscillator is below zero with red linen. However, the Stochastic Oscillator depicts 18 in the description, meaning ETH is oversold.
As of this writing, the cryptocurrency trades at approximately 3,380, excluding the $3,500 key resistance area. Furthermore, the 4-hour chart formed a double-top pattern, which is a bearish signal.
Overall, the technical indicators suggest that while the primary trend is bearish, the ETH/USD could consolidate before the downtrend resumes.
Watch ETH Drop if $3210 Support Breaks
The immediate support is at $3,210. From a technical perspective, the downtrend could extend to lower support levels if bears (sellers) push ETh/USD below $3,210.
If this scenario unfolds, the next bearish target could be $3,100, followed by $2,910.
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The Bullish Scenario
The immediate resistance is at $3,500. From a technical perspective, the bullish wave from $3,100 will likely resume if Ethereum’s value exceeds $3,500. In this scenario, the uptrend from $3,100 could extend to $3,630, followed by $3,770.
Ethereum Support and Resistance Levels – 27-September-2024
Traders and investors should closely monitor the USD/ILS key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
| Ethereum Support and Resistance Levels – 27-September-2024 | |||
|---|---|---|---|
| Support | $3,210 | $3,100 | $2,910 |
| Resistance | $3,500 | $3,630 | $3,770 |