ETH Rejected at POC – Bears Eye $3000 again
Over the past two days, Ethereum struggled to maintain momentum above the Point of Control (POC) of the current range. Price action formed wicks above the POC but closed below, signaling clear rejection at this level.
Key Support Zone
The $3000 area holds significant support, bolstered by several confluences:
Short Setup:
Long Setup (Confirmation Needed):
Key Support Zone
The $3000 area holds significant support, bolstered by several confluences:
- Fibonacci Levels: The 0.786 fib retracement ($3045) aligns with the old 0.618 fib retracement ($3025)
- 4H Bullish Block: A strong demand zone on the 4-hour timeframe supports this level
- Trend-Based Fibonacci Extension: 1:1 extension lines up perfectly with the 0.618 fib retracement
- Psychological Level: The round number at $3000 adds psychological strength to this support
Short Setup:
- Entry: POC of the range
- Stop Loss: Above the recent high
- Take Profit: $3000 zone
- Risk-Reward: 3:1, offering a solid trade opportunity
Long Setup (Confirmation Needed):
- Entry: Between $3025–$3000, upon bullish confirmation
- Stop Loss: Below $2900
- Take Profit: open
Trade closed: target reached
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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.