October 22 $ETH update
ETH’s rebound was fairly strong last night, breaking through several levels and reaching a high of 2526, but it failed to continue higher and soon began to pull back.
This shows that selling pressure above 2500 is significant—the resistance zone we were watching earlier!
ETH has now pulled back to around 2430, and its short-term structure is clearly weaker than before. However, this is also the first support level, so I don’t recommend chasing shorts directly at these low levels.
If this level holds, ETH may see a technical rebound first and retest 2450–2480.
If it gets rejected again in this area, the short-term outlook will remain weak, and you can watch for opportunities to go short.
If 2400 is decisively broken and the price fails to recover quickly, be prepared for a further pullback to 2370–2350.
Conversely, if ETH regains and holds above 2500, or even breaks through 2526, bears should be cautious.
If you’re already short, consider taking profits in stages.
#ETH
ETH’s rebound was fairly strong last night, breaking through several levels and reaching a high of 2526, but it failed to continue higher and soon began to pull back.
This shows that selling pressure above 2500 is significant—the resistance zone we were watching earlier!
ETH has now pulled back to around 2430, and its short-term structure is clearly weaker than before. However, this is also the first support level, so I don’t recommend chasing shorts directly at these low levels.
If this level holds, ETH may see a technical rebound first and retest 2450–2480.
If it gets rejected again in this area, the short-term outlook will remain weak, and you can watch for opportunities to go short.
If 2400 is decisively broken and the price fails to recover quickly, be prepared for a further pullback to 2370–2350.
Conversely, if ETH regains and holds above 2500, or even breaks through 2526, bears should be cautious.
If you’re already short, consider taking profits in stages.
#ETH