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Analysis of the asset ERAUSDT (4H):
๐ป Technical picture:
A descending triangle is forming, support at the level of ~$1.1140 has been broken - this is a bearish signal.
The price is trading below all moving averages (MA7, MA25, MA99), which indicates a strong downward trend.
Ichimoku:
The price confidently remains under the cloud โ the bearish momentum dominates.
The cloud ahead is red - there are no signs of a turnaround.
Parabolic SAR: points above the candles โ confirms the downtrend.
๐ Key levels:
Support (current zone): $1.11 (already breaking through)
Next support level: ~$1.00 โ $0.95 (psychological and technical level)
Resistance: $1.20 (MA7/Ichimoku Tenkan), then $1.25 and $1.35
โ ๏ธ Withdrawal:
The price has broken down from the triangle and breached a key support level โ this confirms the possibility of a continued downward movement. Volumes should be monitored: if the breakout is confirmed, the next target is $1.00.
๐ Priority: short scenario, until consolidation occurs above $1.20
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โ "The price action confirms a strong downtrend as support levels are broken and indicators turn bearish."
Failure to hold could expose $0.95 and lower.
Bulls must reclaim $1.20 to stop the bleed.
Until then, sellers have the upper hand. ๐ป
This is a textbook strong downtrend setup.
Breaking $1.11 was the key bearish trigger.
Shorts remain favored until $1.20 is reclaimed.
Triangle breakdown confirms bearish continuation.
Volume confirmation could send price to $1 quickly.
Only recovery above $1.20 changes this bias.
Bearish momentum dominates every timeframe.
Support break signals more downside pressure.
Watch $0.95โ$1.00 for next possible bounce area.
Descending triangle breakdown adds to weakness.
With price under all major MAs, sellers are in control.
$1.00 zone is now the main bearish target. โ ๏ธ