Ethereum failed to hold above the crucial resistance of $2,849 and has broken down from the ascending triangle on the 4H timeframe — invalidating the bullish breakout structure.
It seems to be consolidating and moving sideways in the range. The move is possible only if we break the channel either upside or downside.
Key Observations:
Ascending triangle fakeout followed by sharp rejection
RSI dropped from overbought (~70) to neutral zone (~46), showing weakening momentum
Current price: $2,537, testing local support at $2,384.90
Next major support zones: $2,242.98 and $1,852.48
Watch for further weakness below $2,384 — could accelerate downside toward $2,242 or lower.
Caution advised: Wait for the structure to rebuild before positioning it long.
This is not financial advice, please do your research before investing, as we are not responsible for any of your losses or profits.
Please like, share, and comment on this idea if you liked it.
#ETH #Ethereum #ETHUSDT
It seems to be consolidating and moving sideways in the range. The move is possible only if we break the channel either upside or downside.
Key Observations:
Ascending triangle fakeout followed by sharp rejection
RSI dropped from overbought (~70) to neutral zone (~46), showing weakening momentum
Current price: $2,537, testing local support at $2,384.90
Next major support zones: $2,242.98 and $1,852.48
Watch for further weakness below $2,384 — could accelerate downside toward $2,242 or lower.
Caution advised: Wait for the structure to rebuild before positioning it long.
This is not financial advice, please do your research before investing, as we are not responsible for any of your losses or profits.
Please like, share, and comment on this idea if you liked it.
#ETH #Ethereum #ETHUSDT
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