Ethereum Near Resistance — Is Another 5% Drop Coming?
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Ethereum remains in a corrective phase and has been moving inside a Descending Channel for nearly a month.
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Now $ETH is approaching the Resistance Zone ($2,318-$2,392), the upper trendline of the channel, and the upper CME Gap ($2,293-$2,342.5).
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For me, this is where the next important reaction could begin.
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From an Elliott Wave perspective, Ethereum appears to have completed a five-wave impulsive structure, suggesting another impulsive move may be developing.
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My main scenario is still bearish.
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After approaching resistance and potentially filling the upper CME Gap, I expect renewed selling pressure and at least a 5% correction.
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The first downside area is the Cumulative Long Liquidation Leverage ($2,153-$2,202), followed by the lower CME Gap ($2,106.5-$2,169) and the key $2,118 trading level.
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However, $2,422 is my key invalidation level.
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Break and hold above $2,422 → Bullish momentum strengthens
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Reject resistance → 5%+ correction remains my main scenario
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What comes next?
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🟢 Break above $2,422
🔴 Correction toward ($2,153-$2,202)
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#Ethereum