📊 Annotation to the technical analysis for #Ethereum (#ETH ), timeframe 1 week:
On the weekly chart, ETH is showing a corrective decline. The price is testing a key support zone: $3460–$3138. In case of a breakout of this range downwards, a continuation of the decline is possible down to the test of the neckline of the previously broken 'Rounded Bottom' formation in the range of $2863–$2598.
The current correction fits within the framework of the long structure breakdown that broke the 'Rounded Bottom', and corresponds to Fibonacci zones 0.5–1.0. A possible stop and reversal to long is expected near these levels. The potential growth target is up to $5647.75 (level -1.0 according to Fibonacci), upon confirmation of the rebound.
🔍 The picture remains long if key support zones are held.
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