ETHEREUM → Support breakdown? Zone of interest 1550 ↓

Oct 10

ETHUSD continues to give up positions. Buyers do not believe in growth in the near future. Bears are increasing their pressure, which may lead to the breakout of the strong support zone...



As seen on W1, the next potential target, in terms of liquidity, could be the 1550 support. Any attempt to buy back the asset on a retest of the support does not result in anything radically bullish. The market will not allow the price to approach the intermediate highs, which indicates the buyer's weakness.
On H4 the price is squeezed by local ascending support (bottom of the triangle) and descending conglomerate of moving averages, which clearly dictate the location of strong resistance. In the mid-term, there may be a rebound to the local highs or SMAs before a further decline.

Resistance levels: 2471, 2520, SMA
Support levels: 2310, 2250, 2111

So far there are no technical or fundamental reasons in favor of the buyer. Seller's pressure may be intensified. The breakout trigger is 2325. The trigger for a pullback is 2475 - 2500.

Rate, share your opinion and questions, let's discuss what's going on with ★ ETHUSD ;)

Regards R. Linda!

Oct 10

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