ETH just experienced a sharp, single-candle drop from around $2,530 to below $2,410, and the 30-minute chart clearly shows where the battle is unfolding in the aftermath.
The move coincided with Warsh’s Jackson Hole speech. Before the address, ETH had been consolidating between roughly $2,500 and $2,530, but then broke down aggressively through that range. The move was consistent with the broader hawkish reaction across the market, with BTC also dropping from around $79,000 to $78,000.
This doesn’t look like ETH-specific weakness. Instead, it appears to be part of the broader market repricing as the Fed pushed back against expectations for near-term rate cuts.
Since the sell-off, ETH has started forming a base within the marked demand zone around $2,410–$2,441. Price briefly tested the lower end near $2,406 before recovering back toward $2,441. For now, this is the immediate battleground.
If this demand zone holds, the move could be interpreted as a typical post-news flush that has found support. But if the zone breaks decisively, it could signal the beginning of a deeper move lower.
Above the current price, however, sits the real test: the marked supply zone from...
The move coincided with Warsh’s Jackson Hole speech. Before the address, ETH had been consolidating between roughly $2,500 and $2,530, but then broke down aggressively through that range. The move was consistent with the broader hawkish reaction across the market, with BTC also dropping from around $79,000 to $78,000.
This doesn’t look like ETH-specific weakness. Instead, it appears to be part of the broader market repricing as the Fed pushed back against expectations for near-term rate cuts.
Since the sell-off, ETH has started forming a base within the marked demand zone around $2,410–$2,441. Price briefly tested the lower end near $2,406 before recovering back toward $2,441. For now, this is the immediate battleground.
If this demand zone holds, the move could be interpreted as a typical post-news flush that has found support. But if the zone breaks decisively, it could signal the beginning of a deeper move lower.
Above the current price, however, sits the real test: the marked supply zone from...