Currently, Ethereum is trading around $3,620. As shown on the chart, after the price touched the supply zone highlighted in red (between approximately $4,100 and $4,350), strong selling pressure emerged, triggering a medium-term downtrend.
This red area has historically acted as a resistance zone, and the candlestick structure suggests that buyers weakened in this region, allowing sellers to take control of the market.
After breaking through several mid-range supports, the price has now entered the demand zone marked in blue, between $3,500 and $3,700. The current reaction indicates that buyers are attempting to defend this level, although there are still no clear signs of a strong bullish reversal.
If the price manages to hold above $3,697, a short-term correction toward the $3,900–$4,000 area could occur. However, a confirmed break below $3,500 would likely open the door for further downside toward $3,300.
Overall, the market structure remains bearish unless the price shows strong momentum out of the demand zone and starts forming higher highs.
Key Levels:
- Major Resistance: $4,100 – $4,350
- Current Support: $3,500 – $3,700
- Bullish Scenario: Holding above $3,697
- Bearish Scenario: Breaking below $3,500
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