Ethereum is trading at a major resistance zone aligned with the 0.618 Fibonacci, VWAP SR, and a strong daily horizontal level. Despite the recent impulsive move, multiple daily candles have failed to close above this resistance, highlighting underlying weakness.
Key support is situated around $1,055, a high-timeframe level critical for establishing a higher low. If Ethereum fails to hold this region on a retest, it risks breaking the swing low and extending the macro downtrend of lower highs and lower lows on the daily timeframe.
At this stage, a rejection from the current resistance would likely lead to continued bearish momentum and a push toward lower support levels. Conversely, a strong support hold at $1,055 followed by a breakout above resistance would be needed to signal a potential shift in structure and early signs of strength.
Price action remains at a decisive juncture: rejection favors bearish continuation, while a higher low backed by volume could flip the trend bullish in the coming sessions.
Key support is situated around $1,055, a high-timeframe level critical for establishing a higher low. If Ethereum fails to hold this region on a retest, it risks breaking the swing low and extending the macro downtrend of lower highs and lower lows on the daily timeframe.
At this stage, a rejection from the current resistance would likely lead to continued bearish momentum and a push toward lower support levels. Conversely, a strong support hold at $1,055 followed by a breakout above resistance would be needed to signal a potential shift in structure and early signs of strength.
Price action remains at a decisive juncture: rejection favors bearish continuation, while a higher low backed by volume could flip the trend bullish in the coming sessions.
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Free Alpha Group t.me/freetradingden
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
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.