$ETH
The last correction in Ethereum corrected the market, liquidating over 500 million dollars from long positions in futures contracts. Funding rates have decreased and open interest (OI) has declined, which sets the stage for re-centering.
Regarding the chart technically:
The area 4080–3960 (daily support/demand zone) is a range I prefer to monitor for the completion of the current correction.
The scenario I currently anticipate: stability above the blue area ➜ gradual rebound towards 4476 then 4950, thus breaking the historical peak, and with enough momentum, we may see 5540 – 5860 accelerate.
The scenario of continued correction would be a clear daily close below 3960, which could extend the decline to test 3820–3720 before any new rebound attempt.
