ETHUSDT is creating a descending channel
The price is creating a descending channel on the daily resistance after a bounce on the 0.5 Fibonacci level on the Monthly chart.
The price got rejections from the 3k resistance, it's a key level.
On the 4h timeframe the price is testing the resistance on 2700$ and the market got rejections from that are.
How to approach?
For a bullish scenario, I'd like to see a clear breakout from the dynamic resistance and daily resistance on 3k.
Otherwise, if the price is going to lose the weekly support and retest the support as new resistance we could see a new short impulse. Next valid support is 2k –––––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
