Here is a technical analysis of ETH/USDT on a daily timeframe.
Chart Technical Analysis
Current Price: $2,923 (ETH/USDT)
The primary trend remains bearish.
ETH has been making lower highs and lower lows since the breakdown from the previous distribution zone.
Price is currently trading below all major moving averages, confirming trend weakness.
A long-term descending trendline from the previous highs continues to cap upside rallies.
The breakdown was followed by weak follow-through buying, indicating a lack of demand.
Volume Analysis
- Breakdown occurred with relatively higher volume, confirming seller strength.
- Recent candles show declining volume, suggesting consolidation rather than reversal.
- No strong accumulation signals are visible yet.
Momentum & Price Action
- Recent candles show small-bodied candles with lower highs, indicating weak buyer conviction.
- No bullish reversal pattern (like bullish engulfing or strong pin bar) has formed near support.
- Momentum remains tilted toward sellers.
Ethereum is currently in a bearish corrective phase within a larger downtrend. The rejection from key moving averages and the breakdown of ascending support confirm seller dominance. Until price decisively reclaims the 200 EMA.
At the time of writing, ETH was trading at $2,923.
Summary: Ethereum remains in a clear bearish trend, trading below all major moving averages with repeated lower highs confirming seller dominance. The recent breakdown from rising support suggests bearish continuation, as buying interest remains weak on pullbacks. Immediate support lies around 2,900–2,850, while a failure to hold this zone could lead to a decline toward 2,700, with strong resistance placed between 3,100 and 3,300.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,800 | $3000 | ETH | $3,300 | $3,400 |
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