๐จ $ETH is at a decision point ๐
In August, ETH broke out strongly from 1,880 straight to 2,500. Since then, price has been moving sideways in the 2,360 โ 2,560 range for almost a month.
๐ What the chart shows:
๐น Two long upper wicks got rejected at 2,600 โ 2,660, so sellers are active there
๐น Today's -4% red candle tested the range bottom at 2,350
๐น The good news: price wicked down to 2,357 and bounced back above 2,411, so buyers are still defending support
๐ข Bullish scenario:
If 2,350 holds, the range likely continues and price could revisit 2,520 โ 2,560. A real breakout only comes with a daily close above 2,660.
๐ด Bearish scenario:
A daily close below 2,350 could confirm a range breakdown. In that case, the next demand zone sits around 2,200 โ 2,120.
โ๏ธ Summary:
Trading in the middle of a range is risky. The smart move is to watch the reaction at 2,350 and act only after confirmation.
What do you think: will support hold or break? ๐
โ ๏ธ Not financial advice. DYOR.
#ETH #Ethereum #CryptoAnalysis #BinanceSquare #TechnicalAnalysis
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In August, ETH broke out strongly from 1,880 straight to 2,500. Since then, price has been moving sideways in the 2,360 โ 2,560 range for almost a month.
๐ What the chart shows:
๐น Two long upper wicks got rejected at 2,600 โ 2,660, so sellers are active there
๐น Today's -4% red candle tested the range bottom at 2,350
๐น The good news: price wicked down to 2,357 and bounced back above 2,411, so buyers are still defending support
๐ข Bullish scenario:
If 2,350 holds, the range likely continues and price could revisit 2,520 โ 2,560. A real breakout only comes with a daily close above 2,660.
๐ด Bearish scenario:
A daily close below 2,350 could confirm a range breakdown. In that case, the next demand zone sits around 2,200 โ 2,120.
โ๏ธ Summary:
Trading in the middle of a range is risky. The smart move is to watch the reaction at 2,350 and act only after confirmation.
What do you think: will support hold or break? ๐
โ ๏ธ Not financial advice. DYOR.
#ETH #Ethereum #CryptoAnalysis #BinanceSquare #TechnicalAnalysis
๐ค๐ค๐ค๐ค๐ค๐ค
