Market Overview:
ETH/USD is in a downtrend, forming a descending channel.
Price is currently trading around $1,915.23, showing signs of consolidation near resistance.
Technical Analysis:
Trend: Bearish
Resistance Level: $2,028.43
Support Level: $1,760
Target: $1,555.96
Pattern: Descending Channel
Trade Idea (Short Setup):
🔴 Sell Zone: Around $2,028.43 (Resistance)
✅ Target: $1,555.96 (-22.50%)
⛔ Invalidation: A breakout above $2,028
Conclusion:
Ethereum is respecting the downward channel structure.
A rejection from resistance at $2,028 could confirm further downside.
Traders may consider short positions targeting $1,555.96, provided the trend remains bearish.
📉 Bearish bias remains intact unless price breaks above resistance.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.