$ETH Approaches Major Resistance — Is Another 5% Drop Coming? Ethereum has spent the past month moving inside a Descending Channel, and now price is approaching the area where I expect the next important decision. ETH is moving toward the Resistance Zone($2,318-$2,392) and the upper trendline of the channel, while the upper CME Gap($2,293-$2,342.5) could also be filled first. From an Elliott Wave perspective, Ethereum appears to have completed a five-wave Impulsive Structure. But for me, the reaction from this resistance cluster matters more than chasing the current recovery. If sellers step in again, I expect at least a 5% correction toward the Cumulative Long Liquidation Leverage($2,153-$2,202). A deeper move could fill the lower CME Gap($2,106.5-$2,169) and bring ETH closer to the key $2,118 trading level. The bullish story changes only if Ethereum breaks and holds above $2,422. In that case, stronger upside momentum could develop. Do you expect rejection from resistance first, or a breakout above $2,422? If you found this analysis useful, follow for more. #Ethereum