📉 Market Structure:
The chart displays a strong downtrend with Ethereum trading inside a descending channel. The price recently broke below a key support level and is now consolidating within a range.
🔍 Key Levels:
Resistance Zone: $2,050
Current Price: $1,884
Support Zone: $1,690
Target: $1,438
📊 Trade Idea:
If price retests the support-turned-resistance around $1,930–$2,050 and rejects, a strong move to the downside is likely.
A confirmed break below the $1,690 support zone could trigger further bearish momentum toward the $1,438 target.
Traders may look for short positions upon a bearish rejection at resistance or a confirmed breakdown.
🚨 Confirmation & Risk Management:
Bearish Confirmation: Rejection from resistance or a breakdown of the range.
Invalidation: A sustained breakout above $2,050.
Risk Management: Stop-loss placement above resistance to mitigate risk.
This setup aligns with the prevailing bearish trend, favoring short opportunities unless a strong reversal occurs.
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.
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.