A quick look at the current situation for Ethereum ($ETH ETH) based on its 1-hour chart.
📊 It's trading within a downward channel, so we have two potential outcomes.
The Bullish Scenario 📈
If ETH finds support at the bottom of the channel, around $4,050, we could see a short-term rebound. The next targets would be the $4,250 - $4,350 range.
The Bearish Scenario 📉
On the other hand, if $ETH breaks below the channel's support and can't recover, a significant drop could happen. In this case, the price could fall to $3,950 - $3,800, with a potential further decline to $3,600.
This is a critical moment for ETH. ⚠️ It's best to wait for a clear signal before making a move to avoid falling into a price trap.