In recent weeks, ETHUSD has been shaping a bearish pennant pattern on the 4-hour timeframe chart, typically signaling a bearish continuation. The cryptocurrency market is buzzing with anticipation as the first Ethereum futures ETF (exchange-traded fund) is poised for potential approval within the next couple of weeks, specifically on October 2, as suggested by crypto hedge fund expert Hal Press. This optimistic development hinges on recent occurrences in the crypto ecosystem. In light of this bullish news, there is a possibility that bears could make one final downward push before a potential reversal to a bullish trend.
Bearish sentiment prevails, with EMA 50 positioned below EMA 200. The RSI remains below the 50 level, having recently dipped into oversold territory, reinforcing the bearish outlook. Additionally, the MACD signal line has dipped to the 0 level, serving as another indicator of the bearish sentiment. Below are some crucial key support & resistance zones to watch!
Key Support Zone: 1491-1575
Key Resistance Zone: 1720-1745
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