Honestly this looks like a bounce that ran out of steam. $ETH pushed up to 2,806, got rejected, then dumped hard on the big red 4h candle with the heaviest volume on the chart. The bounce after that was weak, and now it's chopping in small candles just under 2,688. MACD has crossed bearish (DIF 17 under DEA 33) and the red bars are widening, so momentum favors sellers.
Levels
- Resistance: 2,688–2,700, then 2,760, then 2,806
- Support: 2,633, then 2,617, then 2,605
Signals
- Short: a rejection or 4h close back below 2,688 targets 2,633, then 2,617. Invalidation is above 2,725.
- Long: a 4h close above 2,700 with real volume targets 2,760. Invalidation is back under 2,670.
- Bounce play:
a sweep of 2,633 that quickly reclaims it is a decent scalp long toward 2,688.
I wouldn't trade the middle of this range. Wait for price to reach a level and show you something. This is just chart reading not financial advice.
Levels
- Resistance: 2,688–2,700, then 2,760, then 2,806
- Support: 2,633, then 2,617, then 2,605
Signals
- Short: a rejection or 4h close back below 2,688 targets 2,633, then 2,617. Invalidation is above 2,725.
- Long: a 4h close above 2,700 with real volume targets 2,760. Invalidation is back under 2,670.
- Bounce play:
a sweep of 2,633 that quickly reclaims it is a decent scalp long toward 2,688.
I wouldn't trade the middle of this range. Wait for price to reach a level and show you something. This is just chart reading not financial advice.
