Ethereum remains in its overall downtrend 📉; however, the recent sharp upward move shows early bullish signals 🟢.
The highlighted supply zone in red ($1994–$2012) could serve as a strong resistance area, potentially triggering a pullback.
Additionally, the daily flip level (marked in green) may also act as a barrier, pushing price lower.
Despite the bearish setup around these zones, we do not anticipate a deeper correction for ETH.
Any pullback is expected to be limited to the $1760 level, after which a bullish continuation and a potential breakout of the descending trendline are anticipated.
The highlighted supply zone in red ($1994–$2012) could serve as a strong resistance area, potentially triggering a pullback.
Additionally, the daily flip level (marked in green) may also act as a barrier, pushing price lower.
Despite the bearish setup around these zones, we do not anticipate a deeper correction for ETH.
Any pullback is expected to be limited to the $1760 level, after which a bullish continuation and a potential breakout of the descending trendline are anticipated.
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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.