ETH has tapped into a key resistance zone, potentially completing a 5-wave Elliott impulsive structure.
We’re also observing bearish divergences across multiple indicators, suggesting weakening bullish momentum.
Additionally, the neckline of a Head & Shoulders pattern has been broken, further supporting the bearish outlook.
I'm targeting the $2,128 level as the next area of interest, aligning with .618 Fib support and previous structure.
On the daily timeframe (D1), the $2,128 level aligns with a local demand zone and major trendlines that are likely to be retested
📉 Let’s see if the market confirms this setup.
We’re also observing bearish divergences across multiple indicators, suggesting weakening bullish momentum.
Additionally, the neckline of a Head & Shoulders pattern has been broken, further supporting the bearish outlook.
I'm targeting the $2,128 level as the next area of interest, aligning with .618 Fib support and previous structure.
On the daily timeframe (D1), the $2,128 level aligns with a local demand zone and major trendlines that are likely to be retested
📉 Let’s see if the market confirms this setup.
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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.