On the Ethereum (ETH) chart against Indonesian Rupiah (IDR) above, we see the price movement in a 1-hour timeframe, indicating a significant downward trend over the last 24 hours.
Ethereum’s price appears to have dropped by approximately 3.66%, with a decrease from around Rp37 million to a low of under Rp35.50 million, before a slight recovery occurred.
- Trend and Support-Resistance Analysis
- Candlestick Analysis
- Volume Analysis
- Short-Term Trading Recommendations
The main trend visible on this chart is a strong downtrend. Ethereum’s price continues to weaken with several lower highs and lower lows patterns, which is a characteristic of a bearish trend.
The key resistance level to watch is around Rp36.80 million to Rp37 million, an area where the price previously bounced. On the other hand, the current key support is around Rp35.40 million, where there are slight signs of recovery after the sharp decline. If this level is broken, we could see a further decline towards lower levels.
From the candlestick patterns, we see very strong selling pressure in the last few hours. The sharp decline marked by long bearish candlesticks indicates panic selling or large-scale selling. After the price reached a low of around Rp35.40 million, a small bullish candlestick appeared, indicating buying activity trying to hold off further declines.
However, because the volume of this bullish candlestick is still smaller than the previous bearish candlestick, this indicates that the recovery may not last long and selling pressure still dominates.
Trading volume also provides important clues. We see a significant increase in volume during the price decline. High volume during a downtrend usually indicates that many traders are selling, strengthening the bearish trend. High volume but with a slight price increase in the last session indicates uncertainty in the market, where buyers and sellers are trying to find a balance.
In the short term, the trend is still very bearish, and Ethereum’s price may continue to experience selling pressure. If the support level at Rp35.40 million is broken, the next decline target could be around Rp34.50 million. However, if a significant bounce occurs, the first resistance level is at Rp36 million and then Rp36.80 million.
Short-term strategy:
- Entry short: If the price falls below Rp35.40 million, traders can open a short position with a target around Rp34.50 million.
- Stop-loss: Place a stop-loss above the Rp36 million level to limit risk.
In the long term, Ethereum’s price may show a recovery if the key support level can hold and accumulation occurs by large buyers (institutions or whales). However, confirmation of a new trend reversal will be seen if the price can break back above the resistance level at Rp37 million. For now, the long-term trend is still under bearish pressure until there is a strong signal for a trend change.
Long-term strategy:
- Entry long: Wait for trend reversal confirmation with the price above Rp37 million before opening a long position for the long term.
- Target: Target around Rp38 million to Rp40 million if a bullish trend forms.
- Stop-loss: Place a stop-loss below Rp35 million to protect capital if the decline continues.
Conclusion
The Ethereum market is currently under strong pressure with a dominant bearish trend. For the short term, traders can consider sell positions if key support is broken. However, in the long term, reversal signals are not yet clear and it is recommended to wait for confirmation before entering the market.
Trading recommendation: 💡 Consider opening a short position below Rp35.40 million with a stop-loss at Rp36 million and a profit target at Rp34.50 million.
