While many focus on the repeated overhead rejections, this consolidation range on $ETH is holding a crucial horizontal support level.
After failing multiple attempts to break through the ascending resistance line marked by red rejection X's, price has pulled back toward the horizontal demand line at $2,355.00 . The repeated green arrow bounces off this level indicate strong buying interest absorbing overhead selling pressure inside the consolidation range.
A solid hold above $2,355.00 keeps the bullish accumulation structure active, setting up another attempt to clear dynamic resistance near $2,600.00 . However, a daily close below $2,355.00 invalidates the range setup, opening downside potential toward lower Fibonacci levels at $2,222.50 and $2,085.50 .
Don't panic on repeated rejections—watch how price defends key horizontal support levels before the next major move.
#ETH #Ethereum #CryptoAnalysis #TechnicalAnalysis
After failing multiple attempts to break through the ascending resistance line marked by red rejection X's, price has pulled back toward the horizontal demand line at $2,355.00 . The repeated green arrow bounces off this level indicate strong buying interest absorbing overhead selling pressure inside the consolidation range.
A solid hold above $2,355.00 keeps the bullish accumulation structure active, setting up another attempt to clear dynamic resistance near $2,600.00 . However, a daily close below $2,355.00 invalidates the range setup, opening downside potential toward lower Fibonacci levels at $2,222.50 and $2,085.50 .
Don't panic on repeated rejections—watch how price defends key horizontal support levels before the next major move.
#ETH #Ethereum #CryptoAnalysis #TechnicalAnalysis
