Current Market Overview
- **Timeframe:** 4-hour chart
- **Current Price:** **$2,161.24** (-1.07%)
- **Recent Low:** ~$2,074.46
- **Key Resistance Levels:**
- **$3,015.76** (Fib 0.5)
- **$3,064.11 - $3,200** (Critical zone for bullish breakout)
- **$3,400 - $3,460** (Fib 0.705-0.79 retracement)
- **Key Support Levels:**
- **$2,181.93** (Current near-term support)
- **$1,811.21** (Major historical support)
Technical Indicators & Analysis
1. **Fibonacci Retracement:**
- The price has dropped significantly from the high of **$3,957**, currently testing the **Fib 0 level (~$2,074)**.
- The first major resistance will be at **$3,015 - $3,200** (Fib 0.5-0.618).
- A break above **$3,400** will indicate a strong bullish recovery.
2. **Price Action:**
- The sharp drop to around **$2,000** suggests a liquidity sweep or stop-loss hunting.
- A potential **V-shaped recovery** is possible if ETH finds strong buying momentum at this level.
- The **red arrow projection** on the chart suggests a short-term bounce back toward **$2,900 - $3,000**.
3. **Support & Resistance:**
- ETH is **testing a strong support** level at **$2,181**.
- If this support fails, ETH may test **$1,811**.
- A recovery would target **$2,700 - $3,015** as the first resistance.
Forecast & Trading Strategy
- **Bullish Scenario:**
- If ETH holds **$2,074 - $2,181**, a **rebound** to at least **$2,700 - $3,015** is likely.
- A breakout above **$3,200 - $3,400** could push ETH towards **$4,000**.
- **Bearish Scenario:**
- If ETH loses **$2,074**, the next major support is **$1,811**, a **key long-term buying zone**.
- Below **$1,800**, bearish momentum could extend losses toward **$1,500**.
- **Suggested Trade:**
- **Long Entry:** **$2,100 - $2,200** with a target at **$3,000 - $3,200**.
- **Stop-loss:** Below **$2,050** to prevent downside risk.
- **Short Entry:** If ETH rejects **$3,000 - $3,200**, shorting down to **$2,500** is an option.
Conclusion
- ETH is at a **critical support zone**, with **potential for a strong bounce**.
- If bulls reclaim **$3,000**, expect a continuation to **$3,400+**.
- If ETH loses **$2,000**, watch for **$1,800 - $1,500** as next supports.
- **Traders should watch volume and price reaction at $2,100 - $2,200** for a bullish reversal confirmation.
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.