📉 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.
🔍 Support and Resistance Levels:
🔵 Support:
$1,592 – 0% Fibonacci level, a critical low. A breakdown could lead to $1,300 or even $1,000.
$1,720–$1,760 – Minor support zone before the low.
$1,300–$1,400 – Historical demand block.
🔴 Resistance:
$2,170 – 23.6% Fibonacci retracement.
$2,400 – Order block and strong resistance area.
$2,817 – 50% Fibonacci level.
$3,512 – 78.6% Fibonacci retracement.
$4,042 – Previous strong high.
🎯 Short-Term Outlook (Next 1–2 Days):
Likely trading range:
Downside target: ~$1,750
Upside target: ~$2,000–$2,050 (resistance zone)
📉 Short Setup:
Entry: $2,000–$2,050 (resistance block + bearish confirmation)
Take Profit: $1,750–$1,720
Stop Loss: Above $2,100
Risk/Reward Ratio (RRR): ≈ 1:2.5
Trigger: Rejection pattern (e.g., Bearish Engulfing or Shooting Star)
📈 Long Setup:
Entry: Around $1,600–$1,620 (support zone with confirmation)
Take Profit: $1,950–$2,000
Stop Loss: Below $1,580
Risk/Reward Ratio (RRR): ≈ 1:2
Trigger: Bullish hammer + increasing volume
🔻 Lowest Expected Price:
If the $1,592 level breaks, next strong support lies between $1,300–$1,400, with potential to drop as low as $1,000 in a worst-case macro scenario.
🔁 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.
🧠 Additional Notes:
ETH currently appears weaker compared to BTC.
A comparison with the ETH/BTC pair might reveal whether it’s a better time to hold BTC over ETH.
Rallies are likely to be used by bears for shorting unless significant structure changes occur.
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.
🔍 Support and Resistance Levels:
🔵 Support:
$1,592 – 0% Fibonacci level, a critical low. A breakdown could lead to $1,300 or even $1,000.
$1,720–$1,760 – Minor support zone before the low.
$1,300–$1,400 – Historical demand block.
🔴 Resistance:
$2,170 – 23.6% Fibonacci retracement.
$2,400 – Order block and strong resistance area.
$2,817 – 50% Fibonacci level.
$3,512 – 78.6% Fibonacci retracement.
$4,042 – Previous strong high.
🎯 Short-Term Outlook (Next 1–2 Days):
Likely trading range:
Downside target: ~$1,750
Upside target: ~$2,000–$2,050 (resistance zone)
📉 Short Setup:
Entry: $2,000–$2,050 (resistance block + bearish confirmation)
Take Profit: $1,750–$1,720
Stop Loss: Above $2,100
Risk/Reward Ratio (RRR): ≈ 1:2.5
Trigger: Rejection pattern (e.g., Bearish Engulfing or Shooting Star)
📈 Long Setup:
Entry: Around $1,600–$1,620 (support zone with confirmation)
Take Profit: $1,950–$2,000
Stop Loss: Below $1,580
Risk/Reward Ratio (RRR): ≈ 1:2
Trigger: Bullish hammer + increasing volume
🔻 Lowest Expected Price:
If the $1,592 level breaks, next strong support lies between $1,300–$1,400, with potential to drop as low as $1,000 in a worst-case macro scenario.
🔁 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.
🧠 Additional Notes:
ETH currently appears weaker compared to BTC.
A comparison with the ETH/BTC pair might reveal whether it’s a better time to hold BTC over ETH.
Rallies are likely to be used by bears for shorting unless significant structure changes occur.
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.