Ethereum's recent market performance has seen an unexpected and sharp rejection from the $1.8K resistance level, triggering a significant downward trend
ETH Broke Crucial Support, Here’s the Next Target Ethereum’s recent market performance has seen an unexpected and sharp rejection from the $1.8K resistance level, triggering a significant downward trend that broke down both the pivotal 100-day and 200-day moving averages. This development is a clear, bearish signal for Ethereum’s mid-term prospects.Following a notable drop from the critical $1.
However, this initial rebound was followed by another impulsive downward movement, again touching the crucial support zone at $1.6K. While this price action does indicate a noticeable bearish sentiment in the market, it’s essential to recognize that the potential revival of support could set the stage for another possible bullish bounce.
However, buying pressure weakened as the price ascended and approached the critical 61.8% Fibonacci retracement level, prompting a reversal. Consequently, the price embarked on another impulsive retracement, driving it back towards the $1.6K range. Furthermore, This particular chart shows the 30-day moving average of the taker buy-sell ratio metric, a key indicator revealing the relative aggressiveness of buyers versus sellers in executing their orders. When this metric records values above 1, it signifies a bullish sentiment, whereas values below 1 indicate a bearish sentiment prevailing in the market.
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