In the daily chart of Ethereum against the U.S. dollar (ETH/USD), the price has recently entered the supply zone between $3,500 and $3,700, which now acts as a strong resistance area. This zone previously served as a key support level, but its breakdown triggered renewed selling pressure. Currently, Ethereum is retesting this broken level, and if it fails to break above it, a new bearish wave could begin.
The most likely scenario from a technical perspective suggests that Ethereum may continue its downward movement toward the next support zone between $2,500 and $2,600 after reacting to the current resistance. This area has historically acted as a strong demand zone, potentially serving as the next target for sellers. However, if the price manages to hold above $3,700, the bearish structure would be invalidated, and the potential for a new upward move would increase.
Overall, the current market structure indicates a corrective phase and an ongoing retest of the supply area. Traders should closely watch the price reaction within this zone to determine Ethereum’s next major direction.
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