bitman

$ETH is showing signs of a potential trend reversal on its hourly chart. The price has repeatedly failed to stay above a certain resistance level, forming a pattern of three distinct peaks. This suggests that upward momentum is weakening with each attempt.
Currently, the price is consolidating within a narrow range, finding temporary support around the $2000-$2020 mark. The market is in a state of compression, indicating that a significant price move in either direction is likely approaching.
Potential Downside:
If ETH decisively breaks below the $2000-$2020 support zone, the analysis identifies several potential target levels for a downward move:
· First potential bounce area: $1980 – $1950
· Lower support zone: $1900 – $1850
· Major historical demand area: $1800 – $1750
Potential Upside (Requires Confirmation):
For a bullish outlook to be validated, ETH would need to convincingly reclaim and hold above the $2140-$2160 resistance level with strong trading volume. If that occurs, potential upside targets could be:
· Initial target: $2200 – $2250
· Higher resistance zone: $2320 – $2350
Without a clear and sustained break above $2140-$2160, any price rallies are likely to be met with selling pressure.
Other Market Context:
· The price of ETH is currently up 1.21%.
· Institutions like BitMine are reportedly continuing to accumulate ETH, with a noted purchase of an additional 20,000 ETH.
· A general question is posed to the community regarding their current strategy: buying, selling, or holding during this period.
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