$ETH

Here's a comprehensive technical analysis of ETHUSDT (4H timeframe) based on your chart:

Overall Trend:

Strong Bearish Breakdown

ETH has just experienced a violent drop of -14.59%, with heavy red candles and massive volume spike confirming strong sell pressure.

Indicators Analysis:

1. Bollinger Bands (20,2):

Price closed below the lower band (DN: 1568.47) – indicating extreme volatility and oversold conditions.

The bands are sharply widening – breakout confirmed.

2. RSI (6): 7.19

Deeply oversold – typically signals an upcoming dead cat bounce or relief rally, but momentum is too weak for now.

3. MACD:

MACD: -27.33, Signal: -35.29, Histogram: -27.33

Strong bearish divergence – momentum accelerating downward.

4. Volume:

Volume surged on red candles – big players are exiting.

Likely capitulation candle seen near 1520.00.

5. Key Support/Resistance:

Immediate support hit: $1520.00

Next support zone: $1480 - $1500

Resistance to watch for bounce: $1568 - $1600

Current Status:

ETH printed a small bullish candle after a sharp dump. This could be a dead cat bounce – not reversal yet.

Trading Signal:

Trade Type: SHORT (high probability)

Entry (Short): $1550 - $1570

Stop Loss (SL): $1610

Take Profit (TP1): $1505

TP2: $1475

TP3: $1420

Trade Duration: 4H to 1 Day

Confidence: 85%

Alternative Trade - If Bullish Bounce Forms:

Trade Type: SCALP LONG (only if bounce confirms above $1568)

Entry: $1570 - $1585

TP: $1610 - $1635

SL: $1535

Trade Duration: Max 2-4 Hours

Confidence: 40% (only for quick bounce play)

Risk Management:

Use 1-2% risk per trade

Move SL to breakeven once TP1 is hit

Do not go long unless candle closes above 1570 with volume confirmation

My Favourable Recommendation:

Take the SHORT trade setup unless ETH reclaims $1570 on volume. Momentum, volume, MACD, RSI all favor further downside or range-bound recovery.