$ETH Update – Detailed Breakdown 🚨
Hey everyone! I’ve put together a fresh analysis on $ETH , so let’s get into it.
In my previous post, I highlighted a potential local bottom (see first screenshot) and suggested it was a good zone to start accumulating. That call hit the mark perfectly—since then, ETH has rallied 34%.
Right now, price action is hovering near several CME gaps (see second screenshot), which I expect to be filled in the coming days.
At the moment, ETH is encountering Fibonacci resistance (third screenshot). This makes the current range a key area to consider locking in some profits. If ETH consolidates here and gets rejected, we could see a dip toward the weekly order block around $1200. While I see that as a low-probability move, it's always smart to keep some USDT on the sidelines, just in case.
For the bearish scenario to be invalidated, ETH needs to close a daily candle above the resistance zone.
Since May 2021, ETH has lagged behind BTC, but it's now sitting on strong monthly support (see fourth screenshot). This sets the stage for $ETH to start outperforming BTC in the coming months. However, if this support fails, it could trigger a more significant correction.
In summary: I’m expecting a short-term pullback—there’s ample liquidity below $1700—but once that’s cleared, ETH looks poised for a strong upside move.
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Happy Trading!
