Technical analysis by Edward_Fibonacci about Symbol ETH: Sell recommendation (10/29/2024)

As an analyst, I see ETHUSDT approaching a key resistance zone around 2,800 USDT, which is right on the long-term downtrend line. While the upside momentum is promising, it is important to take a step back and look at the bigger picture as the price is showing signs of sideways movement. Additionally, the downtrend channel is still intact and the current target is in close alignment with the downtrend resistance line on the 1-day timeframe.Can ETH break out and start a new rally or will it be stopped at this level? Stay tuned for more developments!