ETHUSD @ SELLING PRESSURE, Breakdown the uptrend (Read Caption).📉 ETH/USD Price Forecast 📉
INDEX:ETHUSD
ETH/USD has formed an inverse cup and handle chart pattern at the top of its uptrend. The breakdown of the neckline of this pattern, coupled with the breakdown of the ascending channel, suggests a potential reversal. The price is expected to retrace before further movement downwards, with increased volume indicating strong selling pressure.
Key Points:
1. Formation of inverse cup and handle pattern signals a potential reversal.
2. Breakdown of neckline and ascending channel confirm bearish sentiment.
3. Anticipated retracement before further downward movement.
4. Increased volume on the selling side reinforces the bearish bias.
Key Levels:
- Support: 3130, 2860, and 2310
- Resistance: 3490 and 4100
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