🔴 Current Situation: ETH has rejected from $2,879.22 and is trading at $2,516.85. The price has formed a Lower High and may now reject from the supply zone to test support.
🟨 Yellow Line ($2,336.34): An important breaker block support and old resistance which will now act as support.
🟥 Red Box Zone ($2,300–$2,336): This zone has the potential for liquidity grabs and fakeouts. If the price comes to this zone, a bullish reaction is expected.
🟩 Green Demand Zone ($1,967–$2,336): The most important demand zone where there may be institutional orders. If the price comes here, a high probability long setup can be created.
A strong support zone is marked in the brown box around the $0.3856 - $0.3484 area.
Price has respected this zone, bouncing from it recently, indicating buyer interest.
2. Price Action:
Current price: $0.4352
24h low: $0.4223, suggesting a rebound from near the support.
The yellow pattern drawn indicates a potential bullish bounce scenario. Price may retest the support zone and rally upward before possibly facing resistance and pulling back.
3. MACD Indicator:
MACD, DIF, and DEA are still in negative territory, showing overall bearish sentiment.
However, histogram bars are slightly reducing in size, hinting at weakening bearish momentum (early signs of possible reversal).