Ethereum (ETH) is currently trading on a support level, but the bulls have yet to take control of the market. The decreasing slope suggests that the bears are losing momentum, but the Relative Strength Index (RSI) is on a dynamic resistance level, which could result in another descending wave for ETH. Traders should wait for the price line to break below the red resistance level before entering short positions, keeping a close eye on the RSI and other technical indicators for further insight into market sentiment.
• There is a resistance level at 1588 followed by resistance at 1595 and 1610
• There is a support level at 1500. Below, there is 1465 and 1425.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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