Hello, welcome to this ETH/USDT update by CRYPTO SANDERS.
CHART ANALYSIS:- 4-hour timeframe, it becomes evident that the downward trajectory was momentarily halted when Ethereum reached the substantial 1.6K support region. This indecision led to a brief consolidation phase marked by low volatility. However, the price experienced a sudden surge (the Grayscale pump), marked by the emergence of a substantial green candle.
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, Ethereum has formed a bearish continuation flag pattern, and it is currently attempting to breach the lower boundary of this pattern.
Because the 1.6K threshold holds significant psychological importance, if sellers successfully push the price below this critical level, the market could potentially witness another quick and steep plummet toward lower price thresholds.
I have tried to bring the best possible outcome to this chart.
Hit the like button if you like it and share your charts in the comments section.
Thank you
CHART ANALYSIS:- 4-hour timeframe, it becomes evident that the downward trajectory was momentarily halted when Ethereum reached the substantial 1.6K support region. This indecision led to a brief consolidation phase marked by low volatility. However, the price experienced a sudden surge (the Grayscale pump), marked by the emergence of a substantial green candle.
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, Ethereum has formed a bearish continuation flag pattern, and it is currently attempting to breach the lower boundary of this pattern.
Because the 1.6K threshold holds significant psychological importance, if sellers successfully push the price below this critical level, the market could potentially witness another quick and steep plummet toward lower price thresholds.
I have tried to bring the best possible outcome to this chart.
Hit the like button if you like it and share your charts in the comments section.
Thank you
