ETHUSD Technical Analysis: Consolidation Below Key Level at $3,000

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Based on the forecasts in the previous overview, the movement amplitude weakening above the key level at $3,000 was accompanied by a subsequent reversal and a gradual decline. Bearish movement has broken out the target supports at $2,600-$2,400

We are currently witnessing a moderate strengthening of the price above these supports. There is a possibility of bullish speculations.

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On the intraday chart of the hourly timeframe, we observe an impulsive price decline towards local support at $2,700-$2,600. With further slowdown in the decline around the area of this support, we can see the subsequent reversal of the price and its return to the growth phase.

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On the larger timeframe, the price is consolidating below the key mark at $3,000. That being said, given rising lows since the end of the last month, there is a likelihood of speculative surges and impulsive breakout at the $3,000-$3,200 mark until the price consolidates below $2,400.

This analytics must not be treated as direct trading recommendation. Analysis is for informative purposes only.

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