On this Ethereum daily chart, the price structure shows a deep corrective move that has formed after breaking through the mid-range demand zone. The market has pushed downward with continuous selling pressure and entered a major, high-value support zone—an area that previously generated strong bullish reactions. Long lower wicks and early reversal candles suggest that buyers have started to activate here, though there is still not enough momentum to confirm a complete trend reversal.
A likely scenario is that after the initial bounce, the market may return once more toward the bottom of the support zone to collect liquidity before initiating a stronger upward movement. This expectation comes from the liquidity sitting below recent lows and from the broader market structure, which typically cleans out liquidity before shifting direction. If this phase completes successfully, the first logical upside target will be the broken bearish zone around $3,650–$3,700—an area that hosts a significant supply block and is expected to act as the first major resistance.
Overall, as long as the price remains below the 3,650 level, this move can be considered a deep correction within the medium-term trend. However, a confirmed breakout and consolidation above that zone would fully shift the structure back into bullish territory. For now, early signs of a potential bottom are visible, but completing the reversal pattern and sweeping remaining liquidity make the bullish scenario more reliable.
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