Ethereum is currently trading at a make-or-break level. If we fail to break above this key resistance area before or during tomorrow’s U.S. market open, there’s a high likelihood of a sharp downside move. The most compelling bull case recently—BlackRock’s involvement in ETH staking through ETFs—has already played out. At this point, I struggle to see any near-term catalysts that could surpass that narrative in bullish impact.
Despite that, broader market sentiment remains highly irrational. Across equities and crypto alike, we’re seeing strength that, in my view, isn’t fundamentally justified. I personally don’t believe the market deserves new all-time highs given current macro and liquidity conditions.
Technically speaking, I’ll consider entering a short position if ETH closes within the 0.5 monthly order block without a clean breakout. On top of that, the Ethereum futures weekly chart also looks bearish—Friday’s close reinforced that weakness. However, it’s possible we gap up and invalidate the current futures order block, which would require a reassessment of the short setup.
Right now, caution and discipline are key. We're at a technical and psychological inflection point—and what happens next could shape the trend for weeks.
Despite that, broader market sentiment remains highly irrational. Across equities and crypto alike, we’re seeing strength that, in my view, isn’t fundamentally justified. I personally don’t believe the market deserves new all-time highs given current macro and liquidity conditions.
Technically speaking, I’ll consider entering a short position if ETH closes within the 0.5 monthly order block without a clean breakout. On top of that, the Ethereum futures weekly chart also looks bearish—Friday’s close reinforced that weakness. However, it’s possible we gap up and invalidate the current futures order block, which would require a reassessment of the short setup.
Right now, caution and discipline are key. We're at a technical and psychological inflection point—and what happens next could shape the trend for weeks.
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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.