Look at this:
ETH played the trap perfectly. After pushing into the 3200–3400 resistance zone, price failed to sustain above it and rolled over, confirming that the move was distribution, not strength. Sellers stepped in exactly where a Wave 4 rally should fail.
The rejection was followed by a clean breakdown of the parallel rising channel, which shifts the short-term bias back in favor of the bears. That channel was the last structure holding the corrective bounce together. Once it broke, the bullish case weakened sharply.
This drop reinforces the view that the move up from 2620 was only a Wave 4 correction, not the start of a new trend. With Wave 4 likely complete, ETH appears to be transitioning into Wave 5 of the broader corrective decline.
As long as price remains below the broken channel and prior resistance, downside continuation remains the dominant scenario. The structure opens the door for a retest of 2620, with a deeper extension toward 2465 if selling pressure accelerates.
Until ETH reclaims the channel with strength and acceptance, this remains a sell-the-bounce environment. The warning came at the trap zone, and the market is now following through.
Stay Tuned!
Money Dictators,
R.D :)
ETH played the trap perfectly. After pushing into the 3200–3400 resistance zone, price failed to sustain above it and rolled over, confirming that the move was distribution, not strength. Sellers stepped in exactly where a Wave 4 rally should fail.
The rejection was followed by a clean breakdown of the parallel rising channel, which shifts the short-term bias back in favor of the bears. That channel was the last structure holding the corrective bounce together. Once it broke, the bullish case weakened sharply.
This drop reinforces the view that the move up from 2620 was only a Wave 4 correction, not the start of a new trend. With Wave 4 likely complete, ETH appears to be transitioning into Wave 5 of the broader corrective decline.
As long as price remains below the broken channel and prior resistance, downside continuation remains the dominant scenario. The structure opens the door for a retest of 2620, with a deeper extension toward 2465 if selling pressure accelerates.
Until ETH reclaims the channel with strength and acceptance, this remains a sell-the-bounce environment. The warning came at the trap zone, and the market is now following through.
Stay Tuned!
Money Dictators,
R.D :)
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