After last nightās price action, ETH is still hovering around $3,200, showing a very lackluster rebound. This recovery attempt failed to even reach the 0.382 Fibonacci retracement level, which is a clear sign of weak buying pressure. Given the current momentum, there is a high probability that the key support at $3,175 may break today.
š Key Levels to Watch:
Resistance: ~$3,200
Weak Support: ~$3,120
Strong Support: ~$3,080
From a technical standpoint, based on Chanās Theory (ē¼ č®ŗ), Ethereum is currently in a 4-hour downtrend structure. If price breaks below $3,175, we could see a potential divergence forming on the 30-minute timeframe, which may lead to further downside volatility.
š Trading Strategy (Short Bias)
At this stage, the safer approach is to short on rallies rather than chase longs. Traders should wait for a clear 4-hour rebound structure before considering a larger short position.
š For Long Traders:
If ETH does break below $3,175, aggressive traders can consider a light long position, but risk management is crucial. The daily chart remains bearish, so any long trades should be small and well-protected with tight stop-losses.
ā³ Final Takeaway:
Patience is key right now. Let the 4-hour structure play out before committing to any major position.
š Tags:
#ETHAnalysis #CryptoMarkets #BinanceFeed $ETH 
