Ethereum (ETH/USD) - Bearish Continuation Setup
📉 Market Structure:
The chart displays a strong downtrend with Ethereum trading inside a descending channel. The price recently broke below a key support level and is now consolidating within a range.
🔍 Key Levels:
Resistance Zone: $2,050
Current Price: $1,884
Support Zone: $1,690
Target: $1,438
📊 Trade Idea:
If price retests the support-turned-resistance around $1,930–$2,050 and rejects, a strong move to the downside is likely.
A confirmed break below the $1,690 support zone could trigger further bearish momentum toward the $1,438 target.
Traders may look for short positions upon a bearish rejection at resistance or a confirmed breakdown.
🚨 Confirmation & Risk Management:
Bearish Confirmation: Rejection from resistance or a breakdown of the range.
Invalidation: A sustained breakout above $2,050.
Risk Management: Stop-loss placement above resistance to mitigate risk.
This setup aligns with the prevailing bearish trend, favoring short opportunities unless a strong reversal occurs.
