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Ethereum Weekly Candle Hints At Pre-Tower Top Formation – Details
- Ethereum has experienced intense volatility amidst global geopolitical tensions, struggling to hold above the $2,800 resistance level.
- The recent retracement in ETH price indicates market hesitation and uncertainty amid rising macroeconomic and geopolitical tensions.
- Analyst Big Cheds noted a technical pattern on the weekly chart hinting at indecision and potential weakness in Ethereum's price action.
- Ethereum's price movement remains critical as it hovers near key technical levels, awaiting a decisive move either above $2,800 or towards previous consolidation zones.
- Some traders anticipate a potential altcoin season if Ethereum breaks above $2,800 convincingly, signaling a shift in momentum from Bitcoin to ETH and other altcoins.
- On the flip side, concerns over weakening momentum, global instability, and failure to hold support levels raise caution about a potential breakdown in the $2,500–$2,550 range.
- The weekly chart pattern suggests a 'pre-tower top' setup according to Cheds, hinting at increased volatility or a possible reversal in Ethereum's price trajectory.
- Ethereum's failure to maintain the breakout above $2,770 has led to a retreat back into the previous trading range, testing support around $2,530.
- The recent decline in price and volume spike indicate strong bearish sentiment, potentially pushing ETH towards the 50-day moving average near $2,380 if $2,500 support breaks.
- Bulls need to reclaim the $2,650–$2,770 resistance zone and establish a higher low to reinvigorate bullish momentum; failure to do so could keep Ethereum range-bound or push it lower.
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