ETH under short-term pressure: Key support for 90 minute cycle to be tested soon

The latest 90 minute cycle shows that the price is below the EMA24 and EMA52 moving averages, showing an overall downward trend. Member indicators show that the current trading volume, short-term and long-term averages are in a bearish position, and market activity continues to weaken, indicating that selling pressure is accumulating. Based on the distribution of chips, the key support is at $2949, where trading volume is concentrated and buying is slightly dominant. If it falls below this level, it will accelerate the downward trend. RSI has broken through the 50 median line and is trending downwards, coupled with the MACD bar chart's double top pattern, further verifying the short-term pullback pressure. The resistance of $2959.5 above is significant, and attention should be paid to whether there is a breakthrough in volume. Open a membership, receive accurate energy warning, and be one step ahead in capturing signals of changes! The data is sourced from the PRO member's [ETH/USDT Binance USDT perpetual 90 minute] candlestick, for reference only, and does not constitute any investment advice.