(Er Bing) $ETH My view:
In the short term, I still lean toward a rebound. The Morning Star candle didn’t close too badly, but price has been capped above 2500. If it can’t break through 2505, don’t expect a smooth move. The hourly chart needs to hold above 2505 first for the downtrend to pause; only then is there a chance of testing the 2538–2579 range. If it can’t hold above that level, the rebound is probably just noise.
For now, it looks more like price is consolidating. If it can’t get above 2505, and a retest doesn’t break below 2451, it will likely keep swinging between these two levels. If 2451 breaks, a second test of the previous low at 2408 is probably unavoidable.
If you want to go long, wait for a decisive, high-volume break above 2505 before considering an entry on confirmation. Put your stop at the pullback level after the breakout; if price can’t recover, get out. If there’s a clear reaction around 2438 on a retest, you could try a small long position, but don’t hold on stubbornly if 2402 breaks.
For shorts, if price breaks below 2469 on high volume and then can’t reclaim it on the bounce, you can enter short on confirmation, with your risk level clearly defined. You can also try a short near 2538, but if 2579 breaks, admit you’re wrong and exit.
For an earlier entry, if there’s a long lower wick around 2388, you could consider going long. Set a stop if 2358 breaks—don’t let wishful thinking take over.
One more reminder about timeframes: only look for 2538–2579 if the hourly chart holds above 2505; otherwise, treat any move as a false signal. If the 4-hour chart breaks below 2469, the next levels to watch are 2438–2402.
Resistance is still at 2505, 2538, and 2579; support is at 2469, 2438, and 2402.
In the short term, I still lean toward a rebound. The Morning Star candle didn’t close too badly, but price has been capped above 2500. If it can’t break through 2505, don’t expect a smooth move. The hourly chart needs to hold above 2505 first for the downtrend to pause; only then is there a chance of testing the 2538–2579 range. If it can’t hold above that level, the rebound is probably just noise.
For now, it looks more like price is consolidating. If it can’t get above 2505, and a retest doesn’t break below 2451, it will likely keep swinging between these two levels. If 2451 breaks, a second test of the previous low at 2408 is probably unavoidable.
If you want to go long, wait for a decisive, high-volume break above 2505 before considering an entry on confirmation. Put your stop at the pullback level after the breakout; if price can’t recover, get out. If there’s a clear reaction around 2438 on a retest, you could try a small long position, but don’t hold on stubbornly if 2402 breaks.
For shorts, if price breaks below 2469 on high volume and then can’t reclaim it on the bounce, you can enter short on confirmation, with your risk level clearly defined. You can also try a short near 2538, but if 2579 breaks, admit you’re wrong and exit.
For an earlier entry, if there’s a long lower wick around 2388, you could consider going long. Set a stop if 2358 breaks—don’t let wishful thinking take over.
One more reminder about timeframes: only look for 2538–2579 if the hourly chart holds above 2505; otherwise, treat any move as a false signal. If the 4-hour chart breaks below 2469, the next levels to watch are 2438–2402.
Resistance is still at 2505, 2538, and 2579; support is at 2469, 2438, and 2402.