#ETH Daily Chart | Wyckoff Structure Analysis
One tier weaker than BTC. The lower boundary of the previous range at 2,406 has been breached, and price is now holding around 2,320
On September 21, volume surged to a record as price reached 2,807. On October 2, price rose on heavy volume to 2,777 but failed to exceed the previous high. On October 7–8, it fell on heavy volume through 2,600 and 2,406. On October 15, price dropped on heavy volume to 2,318, then recovered to close at 2,442. On October 17–18, it retested 2,329 on lower volume. The current price is around 2,415, still below the 20-day and 50-day moving averages
From a Wyckoff perspective:
- Phase A: The record volume on September 21 may indicate a BC; the pullback to 2,600 on September 24 formed the AR
- Phase B: The October 2 test of the high failed, followed by a heavy-volume break below the AR low, suggesting supply is dominant
- Phase C: The October 15 dip and recovery resembles a Spring, but the close has stayed near 2,400, and the rebound is weak
- Phase D: Not yet observed; successive highs have declined from 2,580 to 2,538, 2,494, and 2,430
Key price levels:
- Support: 2,318–2,330
- First resistance: 2,530–2,580
- Strong resistance: 2,650–2,700, with 2,777–2,807 above
If 2,318 holds on lower volume and price then recovers to 2,580 on heavy volume, this dip could be viewed as a Spring within a reaccumulation. A heavy-volume break below 2,318 without a recovery would be a SOW, increasing the likelihood of distribution; the next level to watch below is 2,220
ETH first needs to prove it can keep pace with BTC’s rebound. If it can’t, it’s hard to say this is a bottom
This is not investment advice
One tier weaker than BTC. The lower boundary of the previous range at 2,406 has been breached, and price is now holding around 2,320
On September 21, volume surged to a record as price reached 2,807. On October 2, price rose on heavy volume to 2,777 but failed to exceed the previous high. On October 7–8, it fell on heavy volume through 2,600 and 2,406. On October 15, price dropped on heavy volume to 2,318, then recovered to close at 2,442. On October 17–18, it retested 2,329 on lower volume. The current price is around 2,415, still below the 20-day and 50-day moving averages
From a Wyckoff perspective:
- Phase A: The record volume on September 21 may indicate a BC; the pullback to 2,600 on September 24 formed the AR
- Phase B: The October 2 test of the high failed, followed by a heavy-volume break below the AR low, suggesting supply is dominant
- Phase C: The October 15 dip and recovery resembles a Spring, but the close has stayed near 2,400, and the rebound is weak
- Phase D: Not yet observed; successive highs have declined from 2,580 to 2,538, 2,494, and 2,430
Key price levels:
- Support: 2,318–2,330
- First resistance: 2,530–2,580
- Strong resistance: 2,650–2,700, with 2,777–2,807 above
If 2,318 holds on lower volume and price then recovers to 2,580 on heavy volume, this dip could be viewed as a Spring within a reaccumulation. A heavy-volume break below 2,318 without a recovery would be a SOW, increasing the likelihood of distribution; the next level to watch below is 2,220
ETH first needs to prove it can keep pace with BTC’s rebound. If it can’t, it’s hard to say this is a bottom
This is not investment advice