$ETH, damn, that was a brutal drop.
Currently around $2460
Down about 3.2% over 24h, with average volume
Analysis: First, look at the structure. 2580 above was the level it failed to hold today, and it couldn’t hold the 2540 open either. It slid all the way to 2410 before buyers stepped in. This drop came from around 2580, with hardly any resistance along the way. Now 2460 is stuck in the middle, going nowhere. The key level to watch is that 2410 low. If it breaks, below that is the 2350–2380 vacuum zone, where the first meaningful support lies. On the flip side, it needs to reclaim 2500 to have absorbed this drop. Average volume suggests this isn’t panic selling—there just aren’t any buyers stepping in. This kind of structure is the most grinding: if the bounce has no strength, it’ll have to keep looking lower for support. Did you get caught in this drop?
Currently around $2460
Down about 3.2% over 24h, with average volume
Analysis: First, look at the structure. 2580 above was the level it failed to hold today, and it couldn’t hold the 2540 open either. It slid all the way to 2410 before buyers stepped in. This drop came from around 2580, with hardly any resistance along the way. Now 2460 is stuck in the middle, going nowhere. The key level to watch is that 2410 low. If it breaks, below that is the 2350–2380 vacuum zone, where the first meaningful support lies. On the flip side, it needs to reclaim 2500 to have absorbed this drop. Average volume suggests this isn’t panic selling—there just aren’t any buyers stepping in. This kind of structure is the most grinding: if the bounce has no strength, it’ll have to keep looking lower for support. Did you get caught in this drop?