๐ General Trend:
Ethereum is in a clear and strong downtrend since the peak around $4,042 (early 2024).A series of BOS (Break of Structure) and CHoCH (Change of Character) to the downside confirm bearish control.A recent BOS below a weak low indicates further downside pressure.๐ Support and
Resistance Levels:
๐ต Support:$1,592 โ 0% Fibonacci level, a critical low. A breakdown could lead to $1,300 or even $1,000.$1,720โ$1,760 โ Minor support zone before the low.$1,300โ$1,400 โ Historical demand block.๐ด Resistance:$2,170 โ 23.6% Fibonacci retracement.$2,400 โ Order block and strong resistance area.$2,817 โ 50% Fibonacci level.$3,512 โ 78.6% Fibonacci retracement.$4,042 โ Previous strong high.๐ฏ Short-Term Outlook (Next 1โ2
Days): Likely trading range:Downside target: ~$1,750Upside target: ~$2,000โ$2,050 (resistance zone)๐
Short Setup: Entry: $2,000โ$2,050 (resistance block + bearish confirmation)Take Profit: $1,750โ$1,720Stop Loss: Above $2,100Risk/Reward Ratio (RRR): โ 1:2.5Trigger: Rejection pattern (e.g., Bearish Engulfing or Shooting Star)๐
Long Setup: Entry: Around $1,600โ$1,620 (support zone with confirmation)Take Profit: $1,950โ$2,000
Stop Loss: Below $1,580Risk/Reward Ratio (RRR): โ 1:2Trigger: Bullish hammer + increasing volume๐ป Lowest
Expected Price: If the $1,592 level breaks, next strong support lies between $1,300โ$1,400, with potential to drop as low as $1,000 in a worst-case macro scenario.๐
Expected Reversal Area: A potential bullish reversal might happen at $1,592 if a bullish structure break or confirmation candle appears.An early reversal could occur if price breaks and holds above $2,200 with strong bullish momentum.๐ง
Additional Notes: $ETH
ETH currently appears weaker compared to BTC.A comparison with the ETH/BTC pair might reveal whether itโs a better time to hold BTC over ETH.Rallies are likely to be used by bears for shorting unless significant structure changes occur.๐จ๐จ๐Keep an eye on the charts and your portfolio, and remember: DYOR -Crypto is always changing, so stay informed before jumping in! ๐๐ธBinance Square Family...โค๏ธโ๐ฅโค๏ธโ๐ฅI hope my analysis has been helpful to you. If you have any questions, please leave a comment. I'm always happy to help.I appreciate your support and Wish you good luck ๐๐บ๐
