ETH is facing renewed selling pressure after breaking below the 2,200–2,320 support zone, reinforcing the bearish structure that has dominated the 4H chart throughout October.
Price remains trapped inside a descending channel, with both EMAs sloping downward. The recent rejection near 2,440 and subsequent breakdown suggest that sellers are gaining control. Any recovery toward 2,200–2,320 could now become another selling opportunity.
The macro backdrop reinforces this weakness. Strong US employment data has pushed expectations of a December Fed rate hike toward 80%, strengthening the dollar and weighing on risk assets. Meanwhile, regulatory uncertainty following the US midterms continues to pressure crypto sentiment.
As long as ETH remains below 2,320, I expect bearish momentum to continue toward 2,080, followed by the lower-channel target around 1,960–2,000.
Preferred scenario: rebound toward 2,200–2,320 → rejection → 2,080 → 1,980.
.$ETH
