Ethereum (ETHUSD) has recently tested the $3425.50 resistance level but has remained below it, indicating potential downside pressure. Negative signals, particularly from the stochastic oscillator, suggest the price could resume its corrective bearish trend. If the decline continues, initial targets are seen at $3222.00, with further downside possible to $3017.30 if the previous support is breached.
The downward momentum is supported by the negative pressure from the 50-period Exponential Moving Average (EMA50), reinforcing the likelihood of a continued bearish move. However, if Ethereum breaks above $3425.00 and subsequently $3510.00, it would invalidate the bearish outlook and likely push the price back toward its main bullish trend.
Expected Trading Range: Support at $3230.00, Resistance at $3500.00.
Trend Forecast: Bearish
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