$ETH
The current price of Ethereum (around $3,588) is above the key support area after successfully breaking through and turning the previous resistance level (white horizontal line) into support. The price shows small consolidation movement (sideways) around $3,537.
The area $3,537 – $3,580 acts as a minor demand zone (previously resistance which is now support) and is supported by the 50 Exponential Moving Average (EMA) at $3,537 as dynamic support.
The next major resistance is in the area $3,800 – $4,000 (the red supply zone above the chart), which is a previous strong order block area.
Scenario
Bullish (Continuation Up): If the price manages to stay above $3,537 (EMA 50) and breaks the current consolidation upwards, then the bullish scenario (white arrow up) towards $3,800 and potential $4,000 will open up. The current demand zone must be maintained.
Bearish (Deep Correction): If the price fails to hold and breaks below $3,537, then the support structure has been broken. The correction will continue (white arrow down) towards the next major demand zone in the area $3,345 – $3,405, or even a larger order block at $3,165 – $3,285.
Conclusion: The current ETH price structure tends to be bullish as long as the price stays above the EMA 50 and level $3,537. The current consolidation is a determining phase before the next significant movement.
