The current ETH price is testing the 2906 support level, where the concentration of positions is as high as 4.89 times, with slight buying dominance, indicating that the support here is strong.
At the same time, the KDJ indicator is converging and a death cross is emerging, suggesting that the short-term upward momentum may weaken, increasing the risk of a pullback. If the support fails, it may further test the strong support at 2894.5.
The hourly candlestick pattern shows a top formation, combined with trading volume shrinking to an average of 47%, indicating a significant decrease in market activity, which validates the pullback signal.
Although EMA24 is below EMA52, the price remains stable above both moving averages, and the bulls still have a glimmer of hope.
