Did $ETH just pull off a great escape?
Man, it looked grim earlier. That drop down to $3,405 felt heavy, like we were going to lose the $3,400 psychological level.
But look at that reversal. The buyers stepped in hard. That's a textbook V-shape recovery in the 1-hour chart.
We completely erased that whole dump move. Right now, we are trying to flip the $3,567 area into support. This is crunch time.
The volume is decent on this push up, which is good. If this momentum holds for the next couple of hours, the target is clearly that 24h high at $3,588. A break and close above that and we get a new leg up.
But don't forget where the strong resistance is. We have to clear that $3,600 mark for this recovery to feel real.
If this rally runs out of steam right here, expect a healthy cool-off back toward $3,500.
Watching the re-test. This is where you separate the patience from the panic.
