$ETH just had a sharp, single-candle drop from around $2,530 down through $2,410, and the 30-minute chart shows exactly where the fight is happening in the aftermath.
That drop lines up with the timing of Warsh's Jackson Hole speech, ETH was consolidating in the $2,500-2,530 zone before the address, then broke down hard right through it, consistent with the same hawkish reaction that pulled BTC from $79,000 to $78,000. This wasn't ETH-specific weakness, it was the broader market repricing after the Fed pushed back on rate cut expectations.
Since that drop, price has been building a base in the marked demand zone, roughly $2,410 to $2,441, testing the lower end near $2,406 before recovering slightly to $2,441 currently. That's the immediate battle. Whether this zone holds as support or breaks determines if this reads as a normal post-news flush finding its floor, or the start of a deeper leg down.
Above current price sits the real test though, the marked supply zone from $2,510 to $2,530. That's the exact area price was consolidating in right before the drop, so a reclaim of that zone would mean the breakdown gets fully erased and price is back above the level Warsh's comments knocked it out of. Fail to get back above it, and that zone becomes the new ceiling, with the $2,410-2,441 base underneath as the only thing keeping this from extending toward the $2,380 level that capped the move two days earlier.
So the outlook here is conditional on two specific levels, not a directional call on its own. Hold $2,410 and reclaim $2,510-2,530, and this was a shakeout tied to a single macro headline. Lose $2,410, and the Fed reaction turns from a one-candle event into the start of a real trend change.
#SOLJumps20%OnTheWeek #ETH
That drop lines up with the timing of Warsh's Jackson Hole speech, ETH was consolidating in the $2,500-2,530 zone before the address, then broke down hard right through it, consistent with the same hawkish reaction that pulled BTC from $79,000 to $78,000. This wasn't ETH-specific weakness, it was the broader market repricing after the Fed pushed back on rate cut expectations.
Since that drop, price has been building a base in the marked demand zone, roughly $2,410 to $2,441, testing the lower end near $2,406 before recovering slightly to $2,441 currently. That's the immediate battle. Whether this zone holds as support or breaks determines if this reads as a normal post-news flush finding its floor, or the start of a deeper leg down.
Above current price sits the real test though, the marked supply zone from $2,510 to $2,530. That's the exact area price was consolidating in right before the drop, so a reclaim of that zone would mean the breakdown gets fully erased and price is back above the level Warsh's comments knocked it out of. Fail to get back above it, and that zone becomes the new ceiling, with the $2,410-2,441 base underneath as the only thing keeping this from extending toward the $2,380 level that capped the move two days earlier.
So the outlook here is conditional on two specific levels, not a directional call on its own. Hold $2,410 and reclaim $2,510-2,530, and this was a shakeout tied to a single macro headline. Lose $2,410, and the Fed reaction turns from a one-candle event into the start of a real trend change.
#SOLJumps20%OnTheWeek #ETH
