A new Month has started, It definitely needs a fresh analysis on the Current Price action on $ETH Chart. Here's a detailed Multi-Time frame Top-Down Analysis of ETH below.
š¹ Weekly Timeframe (1W)
1. Structure & Trend:
ETH is currently in a corrective downtrend, trading below a major descending trendline from its all-time high (~$4,868).
The recent bounce from the $1,700ā$1,730 zone suggests a temporary support, possibly a local bottom within the broader bearish structure.
2. Key Support Levels:
$1,730ā$1,700: Recent low and area of prior consolidation (held as support).
$1,130ā$1,150: A major horizontal support aligned with mid-2022 and mid-2023 lows.
3. Key Resistance Levels:
$2,300ā$2,550: Major supply zone; coincides with prior support turned resistance and sits below the downtrend line.
$2,950ā$3,000: Historical resistance, and where the descending trendline intersects future price path (strong confluence).
4. Observations:
ETH needs a weekly close above $2,550 to confirm a macro bullish shift.
The current move looks like a bounce within a broader descending channel.
Failure to reclaim $2,300ā$2,550 range may send price back toward $1,700 and eventually $1,150.
š¹ Daily Timeframe (1D)
1. Structure & Price Action:
ETH recently broke out of a short-term falling wedge pattern, confirming a relief rally.
Price is pushing up but facing resistance just under the $1,850ā$1,870 zone.
2. Immediate Support/Resistance:
Support: $1,730 (last higher low), $1,650.
Resistance: $1,870, then $2,030ā$2,080 (minor supply zone and previous breakdown area).
3. Pattern Outlook:
If ETH consolidates above $1,730 and breaks above $1,870ā$1,900, a move to $2,030ā$2,080 is likely.
Daily structure remains cautiously bullish in the short term, with higher lows forming since mid-April.
4. Bearish Invalidations:
Breakdown below $1,700 would invalidate this short-term bullish structure and expose $1,650 and $1,530 next.
š¹ Trade Setup: ETH/USD (1H Intraday Swing)
Current Price: $1,837
Context: ETH is forming a symmetrical triangle on the 1H chart within a larger range-bound consolidation between $1,730 support and $1,880 resistance. It's currently testing the upper triangle trendline with upward momentum.
ā Long Setup: Breakout
Trigger: Break and 1H close above $1,845ā$1,850
Entry: $1,851 (on breakout + retest confirmation)
Stop-Loss: $1,827 (below last low + trendline)
Target 1: $1,880 (range high / previous swing high)
Target 2: $1,910ā$1,920 (extension into liquidity zone)
Target 3 (swing): $2,030 (Daily resistance)
š R:R for Target 1 is ~1.5:1; for Target 2 is ~2.5:1
Trade Bias Summary
Timeframe Trend Notes
Weekly Bearish ā Neutral Bounce from $1,730, but below the major downtrend line
Daily Short-term Bullish Higher lows, but struggling under $1,870ā $1,880
1H Neutral In a triangle; breakout/breakdown to give us a direction
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