This is a 1D frame analysis for ETHUSDT As we can see, after dropping the white support line, the price experienced a downward trend and, due to market fear and high selling pressure, was unable to break back above our line and stabilized below it. However, currently, with the price lingering around our support zone for the past few days and the indecisive market, we can consider two scenarios. Scenario one: If the bulls can push the market back above the first resistance zone, we can be hopeful that the price won't drop further than this dip. Scenario two: If the price is unable to break back above the support line and the bears push the market below the first support zone, we can then see the next support zones.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.