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#ETH#
Significant Downtrend: The chart is clearly showing a downtrend. Prices have declined significantly in recent days.
* Price Below Moving Averages: The current price (2,420.77 USDT) is trading below the 5-day, 10-day and 30-day moving averages (2,432.28, 2,480.34, 2,523.58 USDT respectively). This is an important technical indicator that the downtrend is strengthening. The longer the price stays below the moving averages, the higher the probability of a further decline.
* No Signal of Recovery with Low Volume: The chart shows no signs of a recovery supported by strong buying volume after the decline. This indicates continued selling pressure.
* Bearish Signal of MACD Indicator: The MACD value is negative (-9.55) and the DIF line is below the DEA line, indicating that the downward momentum is still strong and sellers are in control of the market.
According to this analysis, if the downtrend continues and prices break the current support levels (for example, by falling below the 2366.37 level seen on the chart), lower levels such as 2200 can be targeted.
* Moving Averages: The 2425-2450 band is close to or slightly below the current moving averages (MA5: 2432.28, MA10: 2480.34). Opening a short at these levels is based on the expectation that the price will be rejected from these resistance areas and continue to decline.
* Support/Resistance Levels: Looking at past price movements, it can be assumed that the 2200 level could be a potential support area, making it a suitable target for profit taking.