I spent some time watching ETH’s 4-hour chart today and noticed a signal worth keeping an eye on.
The Vegas Channel is starting to put clear pressure on the price.
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ETH had been trading above the Vegas Channel, which had also been providing some support nearby.
But after the drop a few days ago, the price fell straight through the channel. Now that it’s rebounding, the former support zone has turned into resistance overhead.
That’s why I’m starting to be cautious in the short term.
──── ✦ ────
ETH is currently around $2,509.
On the 4-hour chart, EMA144 and EMA169 are around $2,585 and $2,578, respectively, and the Vegas Channel has formed a resistance zone.
There are two key levels to watch in the short term:
🔸 2545–2585: Resistance zone overhead. If the price rebounds to this area, watch to see whether it can break through decisively.
🔸 2405–2450: Support zone below. If this level is breached again, ETH may remain under pressure in the short term.
──── ✦ ────
My personal view is that even if ETH rebounds in the short term, the first thing to watch is whether it can reclaim the Vegas Channel.
Until it does, the 4-hour outlook remains weak, and selling pressure could emerge at any time during a rebound.
Especially if you’re holding long positions, make sure to manage your position size and leverage carefully.
There will always be opportunities in the market. Focus on managing risk first. $ETH
The Vegas Channel is starting to put clear pressure on the price.
──── ✦ ────
ETH had been trading above the Vegas Channel, which had also been providing some support nearby.
But after the drop a few days ago, the price fell straight through the channel. Now that it’s rebounding, the former support zone has turned into resistance overhead.
That’s why I’m starting to be cautious in the short term.
──── ✦ ────
ETH is currently around $2,509.
On the 4-hour chart, EMA144 and EMA169 are around $2,585 and $2,578, respectively, and the Vegas Channel has formed a resistance zone.
There are two key levels to watch in the short term:
🔸 2545–2585: Resistance zone overhead. If the price rebounds to this area, watch to see whether it can break through decisively.
🔸 2405–2450: Support zone below. If this level is breached again, ETH may remain under pressure in the short term.
──── ✦ ────
My personal view is that even if ETH rebounds in the short term, the first thing to watch is whether it can reclaim the Vegas Channel.
Until it does, the 4-hour outlook remains weak, and selling pressure could emerge at any time during a rebound.
Especially if you’re holding long positions, make sure to manage your position size and leverage carefully.
There will always be opportunities in the market. Focus on managing risk first. $ETH