**$ETH Analysis: Bear Market Structure Still Intact Despite Rebound to Major Resistance**
ETH has now reached the major resistance zone that was highlighted back in June, making this a critical area to watch closely in the coming days.
**Current Price Action: Corrective Move, Not a Trend Reversal**
From a technical standpoint, the recent rebound still looks like a corrective three-wave move rather than the beginning of a new bullish trend. This distinction matters a lot for traders — a three-wave (ABC) correction typically resolves back in the direction of the dominant trend, whereas a genuine reversal would show a five-wave impulsive structure. Given that the broader market has been in a bearish structure, caution is warranted here rather than jumping in on bullish assumptions.
**Key Support Zone: 1,600–1,787**
As long as price holds the 1,600–1,787 support zone, the recovery scenario remains valid, and there's still room for ETH to attempt another leg higher or consolidate before making its next major move. This zone is the line in the sand for bulls right now — losing it would significantly weaken the case for further upside.
**Downside Scenario: Targets If Support Breaks**
If that support gives way, the next downside target sits around 1,400, followed by a deeper move into the 1,100–1,060 region. These levels align with prior demand zones and would represent a significant retracement, so risk management becomes essential if price starts breaking below the current support band.
**Broader Market Structure: Bear Trend Remains Dominant**
For now, the broader bear market structure remains intact. Traders should treat any rally into resistance as a potential shorting opportunity or an area to take profits rather than assume a full trend reversal has begun, at least until price action proves otherwise with a break and hold above the resistance zone on strong volume.
**Key Levels to Watch:**
- Resistance Zone: June highlighted level (current test)
- Support Zone: 1,600–1,787
- Downside Target 1: 1,400
- Downside Target 2: 1,100–1,060