Ethereumโs bullish momentum hit a roadblock as ETHUSD rejected a key supply zone, raising questions about a potential short-term pullback. Traders are now watching closely to see if this rejection marks the start of a correction or just a pause before another rally.
๐ Technical Overview:
Supply Zone Rejection: ETH tested the $2,950โ$3,000 area, a region where sellers have historically stepped in to push prices lower.
Bearish Candlestick Formation: Recent price action shows selling pressure intensifying, with long upper wicks indicating rejection at higher levels.
RSI Near Overbought: The Relative Strength Index is flirting with overbought territory, suggesting that a short-term cooldown could be on the horizon.
๐ Short-Term Outlook:
If ETH fails to reclaim the $3,000 level quickly, we could see a pullback toward the $2,850 and $2,780 support zones. On the flip side, a strong breakout above $3,000 would invalidate the bearish setup and open the door to $3,150+.
๐ก Trading Insight:
For now, traders may look for short setups near resistance with tight stop losses, while long-term investors might use any dips as buying opportunities. As always, risk management is key โ ETHโs volatility can turn the tables fast.
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