ETH/USDT 1H: Bearish Momentum Persists – Targeting $2,600 ?ETH/USDT 1H: Bearish Momentum Persists – Targeting $2,600 Before Potential Reversal?
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Current Market Structure:
Price at $2,650 showing bearish momentum with multiple bearish RSI divergences.
Broken bullish structure with lower highs and lower lows indicates a strong downtrend.
Market Maker Activity:
Market makers are pushing price down after distribution at the $2,800-2,840 supply zone.
Accumulation is likely to occur around $2,600 if support holds.
Key Levels:
Resistance: $2,820-$2,840 (supply zone).
Support: $2,620 (immediate support).
Critical Support: $2,600
Trade Setup (Confidence 8/10):
No long entry is recommended at this time.
Wait for a reversal confirmation and the formation of a bullish order block before considering longs.
Risk Score:
7/10 – High-risk environment with multiple bearish signals and declining volume on bounces.
Recommendation:
Wait for now. The bearish signals include:
Consistent bearish RSI divergences.
Price rejection at the $2,840 supply zone.
Declining volume on bounces.
Monitor for a reversal confirmation; if support at $2,600 holds, accumulation may set the stage for a potential reversal.
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