15M TF Indicating a Weak Recovery
ETHUSDT.P On the 15-minute timeframe of ETH/USD, the market is currently showing a weak recovery phase within a broader bearish structure. After a sharp downside move, price has entered a short consolidation, attempting to stabilize near the current support zone.
At this point, I am expecting price to make an upward attempt toward the immediate target, where the first key hurdle lies around 2191.58 (1st Resistance). This level is important because it has already shown signs of acting as a supply zone, and price may struggle to break it on the first attempt.
My expectation is that during the initial move toward 2191.58, price will likely face rejection and pull back. This pullback should ideally bring price back into the current support (around 2183) or the next support zone (~2179). This retest is crucial because it will determine the next directional move.
If price finds strong support in this zone, holds structure, and shows buying interest, then I anticipate a continuation move upward, targeting the second resistance around 2202.57, and potentially extending toward the higher target near 2210.78.
However, the reaction at support is the key factor here.
If price successfully holds support, it confirms buyer presence and increases the probability of a break above first resistance on the next attempt.
On the other hand, if price fails to hold the current/next support zone, and starts trading below the lowest support (~2174), then the structure shifts clearly bearish.
In that bearish scenario, I expect strong downside continuation, with price likely accelerating toward the lower marked zone around 2095, as indicated on the chart.
Overall, the market is currently at a decision point:
A rejection at 2191.58 followed by a higher low would support a bullish continuation toward higher resistance levels.
But a breakdown below support levels would invalidate the bullish expectation and confirm bearish dominance.
So, the way price behaves between 2191.58 (resistance) and 2174 (key support floor) will define the next major move.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.