Ethereum (ETHUSD) Price Analysis:
The Ethereum price (ETHUSD) has continued its downward trajectory, reaching the critical barrier of $3400.00. Despite exhibiting some bullish tendencies influenced by stochastic positivity, the overall trend remains bearish.
Expected Scenario:
Anticipated market movements suggest a resumption of negative trades, with a target set at $3360.31, representing the next significant milestone.
The bearish trend is expected to persist in the near term, supported by the negative pressure exerted by the Exponential Moving Average 50 (EMA50). However, a decisive breach above $3641.82 would signal a cessation of the expected decline and potentially lead to a return to the primary bullish trajectory.
Expected Trading Range:
Market analysis indicates a probable trading range spanning from the support level at $3360.30 to the resistance level at $3600.00.
Trend Forecast:
Considering the prevailing market conditions and technical indicators, the trend forecast maintains a bearish outlook for Ethereum prices, with continued focus on key support and resistance levels for confirmation of directional cues.
