ETHUSD AT CRUCIAL SUPPLY ZONE – BIG MOVE INCOMING?!Ethereum is currently trading at $2,555, sitting just below a strong supply zone between $2,570 – $2,620, as shown by the blue shaded area from LuxAlgo’s Supply and Demand Visible Range.
Key Levels:
Resistance Zone: $2,570 – $2,620 (Heavy Supply Zone)
Current Price: $2,555
First Major Support: $2,207 (Previous consolidation breakout zone)
Critical Demand Zone: $1,756 (Weekly demand and strong historical support)
Bearish Pressure Signs:
Multiple rejections from the supply zone.
Price failing to make higher highs.
Bearish candlesticks forming under key resistance.
My Take:
If Ethereum fails to break above this resistance zone, expect a possible retracement first to $2,207, and possibly deeper toward the $1,750s if broader market conditions worsen (e.g., risk-off sentiment or BTC dump).
What to Watch:
Daily close above $2,620 = bullish continuation.
Break below $2,500 = bearish confirmation for potential drop to $2,200 and lower.
Strategy:
Swing traders should look for a short setup near current levels with tight stop above $2,620, targeting $2,207–$1,756. Long entries only above confirmed breakout and retest of the supply zone.
What are your thoughts? Will ETH break out or break down?
#ETH #Ethereum #Crypto #TradingView #TechnicalAnalysis #ETHUSD #LuxAlgo #SupplyAndDemand
