$ETH has rejected sharply from the key resistance zone at $4700โ$4800, following a strong bullish rally. This area has historically acted as a significant supply zone, and the recent reaction suggests sellers are regaining control.
๐ Market Structure:
Momentum is showing signs of exhaustion, with a noticeable shift in structure indicating increased selling pressure. A lower high formation may be in play, hinting at a potential trend reversal or deeper pullback.
๐ Short Bias Setup:
Entry Zone: $4200โ$4350
Stop-Loss: Above $4765
Target 1: $3800
Target 2 (Extended): $3400โ$3325 (major support zone)$ETH
๐ Summary: Ethereum is facing strong resistance around $4700, and as long as price remains below this level, the short bias remains intact. A breakdown below $4300 could accelerate downside momentum towards $3800, with further losses targeting the $3400โ$3325 support zone.