Ethereum (ETH) is at a crucial juncture with two possible scenarios shaping its next move on the hourly chart. After a strong bullish push, ETH is now retesting the Order Block (OB) zone near the previous daily high, a key support area that traders are watching closely.
The first and more likely scenario (65% probability) is a bullish continuation. If ETH holds above this OB, it is primed to push toward new highs, continuing its strong upward momentum and bullish structure. This could see Ethereum challenging resistance levels above $4,680 as it extends its rally.
The alternative scenario (35% probability) involves a bearish rejection. Should ETH break below the OB support zone, it may drop toward the recent swing low, with further downside targets near the previous daily low and a stronger support level below. This would suggest a short-term correction before any potential recovery.
Key levels to monitor include resistance above $4,680 and support clustered around the OB zone, swing low, and daily lows. The price’s reaction inside this OB will be crucial to confirming whether the bulls maintain control or if sellers take over.
Overall, Ethereum remains in a strong bullish trend with a high chance of continuing gains, but traders should watch for price action confirmation at this critical support zone to guide their next move.
Trade smart and keep an eye on the OB zone for the next decisive leg in ETH’s rally!