ETHEREUM BEARISH ZONEBased on the chart we provided, which shows a descending channel and a bearish pattern on Ethereum (ETH/USD) on the 1-hour timeframe, it seems like you're anticipating a breakdown from the channel support. The chart also shows a projected drop with a strong bearish move marked by a thick black arrow.
Here are some potential Take Profit (TP) levels based on technical support zones and the chart structure:
Suggested Sell TPs (short position):
1. TP1: $2,420 — Just above the recent swing low, potential initial support.
2. TP2: $2,360 — Mid-range of the previous low and psychological level.
3. TP3: $2,300 — Near the bottom of the descending channel and a likely target if breakdown confirms.
4. TP4: $2,240–$2,200 — Extended TP if momentum is strong and the broader market supports the move.
Always remember:
Use proper risk management.
Monitor volume and market sentiment around the breakout.
Consider setting a stop loss just above the recent swing high (around $2,565–$2,580).
