$ETH is weak after a few weeks of consolidation near the recent highs.
Price has broken below the prior range support at $2,650 on the 4H chart which is a significant short term change. The breakdown has already pushed ETH toward the next support zone around $2,530-$2,550.
On the daily chart ETH is still trading inside the bigger rising structure so I wouldn't call this a major reversal yet. The important area to monitor is the $2,400-$2,450 zone, which coincides with the lower part of the current structure.
If ETH loses that area with a strong daily close, the correction could extend toward the next major supports around $2,100 and below. Until then, this could simply be a deeper pullback within the larger uptrend.
My view: short-term momentum has turned bearish, but the higher-timeframe structure is not broken yet.
#ETH
Price has broken below the prior range support at $2,650 on the 4H chart which is a significant short term change. The breakdown has already pushed ETH toward the next support zone around $2,530-$2,550.
On the daily chart ETH is still trading inside the bigger rising structure so I wouldn't call this a major reversal yet. The important area to monitor is the $2,400-$2,450 zone, which coincides with the lower part of the current structure.
If ETH loses that area with a strong daily close, the correction could extend toward the next major supports around $2,100 and below. Until then, this could simply be a deeper pullback within the larger uptrend.
My view: short-term momentum has turned bearish, but the higher-timeframe structure is not broken yet.
#ETH