ETHUSDT.P The price did a breakout above the channel but failed to hold above it and dropped back into the descending parallel channel on the 4-hour timeframe, reflecting a short-term bearish trend. The price has been making lower highs and lower lows, gradually grinding toward the immediate support zone between $2,399 and $2,363.
The price did a breakout above the channel but failed to hold above it and dropped back into the channel.
This zone is critical and may offer a bounce if bulls step in. A breakdown below this range could extend the downside move toward $2,227, a major structural support level.
On the upside, Ethereum faces resistance around $2,624 to $2,646, which needs to be cleared for any bullish continuation. Until then, price action remains under pressure within the channel.
It is advised to wait for a breakout from the channel to initiate any long position on ETH or a breakdown from the support for short positions.
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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.