Is Ethereum's decline over? Why is the 3650 level important?

We witnessed a high-margin rally in Ethereum, starting from the 2200s and reaching up to the 4090s.

Technical data 📈

The RSI is below 50 points and the SMA14, which suggests that seller pressure may continue.

When we look at the ADX (32 points, the trend is strong), it shows that DI- is strong and sellers are still strong.

Momentum and MACD also indicate that the downtrend is still ongoing.

✅Result

Although there are signs of recovery in short time periods, we do not yet see these signals in daily and weekly periods.

In the short term, it is seen as a reaction to a rise up to 3650 and as long as it cannot stay above here, it can be expected that the seller pressure on the instrument will continue. The levels to watch below are 3100 - 2930 and 2660 respectively. In addition, there is no need to look for excitement before the 4075 level is permanently exceeded (at least 2-day or weekly candle close).

Thank you 🙏 for reading

#ContentStar #ethereum