On the 4H chart, ETH/USD has broken decisively below a long-standing ascending channel as well as the critical support zone at $2447.81. This breakdown indicates increased bearish pressure after a prolonged sideways movement between dynamic resistance and support.
The price is currently trading below both the trendline and previous horizontal support, confirming a bearish shift in market structure.
Key Levels:
Resistance 1: $2447.81
Resistance 2: $2554.91
Support 1: $2310.72
Support 2: $2180.05
Scenario:
If this bearish momentum persists, I expect the price to continue toward Target 1: $2310.72 and potentially extend to Target 2: $2180.05.
However, if price reclaims $2554.91, this bearish view would be invalidated, and we may see a shift back toward the upper range.
This setup offers a clean risk-to-reward profile with clearly defined invalidation and targets. Always manage your position size and risk accordingly.
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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.
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.