$ETH bounced hard today and not many people talking about it 👀
Morning dump went all the way to 2318, then the 17:00 4H candle took it straight back to 2440 on big volume. Now sitting around 2455, right on the EMA20.
For me the real test is 2500 to 2510. That was the floor on Oct 13 and 14 and the EMA50 is sitting there too. A 4H close above 2510 and I start believing this bounce.
If it slips back under 2420 though, probably we see 2320 again and honestly I wouldn't be shocked.
You guys think ETH gets back over 2500 this week?
Not financial advice, just a midnight chart check 😅
Chart Structure: - CRCL declined steadily from ~86 through MA7, MA25, and MA99 to a low near 74.5, then recovered to current price, now consolidating just below the broken MA7/MA25 cluster
- MA99 (purple) remains above as declining resistance, not yet tested on this bounce
- RSI(14) recovered from the low-20s to the high-40s a decent, sustained recovery, not just a tick
- ⚠️ MACD has been deeply negative but the last couple of bars have just flipped to green a fresh bullish cross forming right at this entry, similar to what happened with ZEC earlier this week (which continued higher after that signal)
- This short is entering right as momentum turns in the opposite direction the setup only works if this fresh cross fails and price rolls back over at the MA cluster
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Explanation: Strong 4H breakout with powerful bullish momentum and rising volume. Holding above the breakout zone can open the way toward the next resistance levels.
Momentum indicators flash red, with RSI climbing into overbought territory and the stochastic crossing down. Volume spikes support a potential reversal, while the price has struggled to breach recent resistance. A bearish divergence on the MACD reinforces the short bias. Target the nearest support zone, watching for a quick dip. Manage risk tightly, as the scalp trade thrives on rapid price decay.