Recently the price broke the critical support at $3,024 and dragged the price to a further downside target near $2,815.<\/p>\n\n\n\n
The RSI at 31.94 signals the price stepped inside the oversold zone already but the market is still under a strong bearish trend. Therefore, sellers may wait for a potential pullback before adding more short positions in favor of the current downside momentum.<\/p>\n\n\n\n
According to the current bearish momentum, ETH might retrace to the immediate resistance near the $3K level and rejoin the downtrend targeting the ultimate support at $2,700.<\/p>\n","post_title":"Bitcoin And Ethereum Technical Analysis: BTC Prepares To Dive Below The $60K Level, And The ETH Eyeing $2.7K As A Potential Downside Target Following The Current Bearish Trend","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-and-ethereum-technical-analysis-btc-prepares-to-dive-below-the-60k-level-and-the-eth-eyeing-2-7k-as-a-potential-downside-target-following-the-current-bearish-trend","to_ping":"","pinged":"","post_modified":"2024-08-04 23:38:53","post_modified_gmt":"2024-08-04 13:38:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18101","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Ethereum set a solid bearish trend setup after it plotted multiple bearish pin bars below the 50-EMA, creating a lower high that resulted in a downside rally from the resistance near $3,296.<\/p>\n\n\n\n
Recently the price broke the critical support at $3,024 and dragged the price to a further downside target near $2,815.<\/p>\n\n\n\n
The RSI at 31.94 signals the price stepped inside the oversold zone already but the market is still under a strong bearish trend. Therefore, sellers may wait for a potential pullback before adding more short positions in favor of the current downside momentum.<\/p>\n\n\n\n
According to the current bearish momentum, ETH might retrace to the immediate resistance near the $3K level and rejoin the downtrend targeting the ultimate support at $2,700.<\/p>\n","post_title":"Bitcoin And Ethereum Technical Analysis: BTC Prepares To Dive Below The $60K Level, And The ETH Eyeing $2.7K As A Potential Downside Target Following The Current Bearish Trend","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-and-ethereum-technical-analysis-btc-prepares-to-dive-below-the-60k-level-and-the-eth-eyeing-2-7k-as-a-potential-downside-target-following-the-current-bearish-trend","to_ping":"","pinged":"","post_modified":"2024-08-04 23:38:53","post_modified_gmt":"2024-08-04 13:38:53","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18101","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};