$BTC ETH/USDT falls sharply as key support breaks – Bears take control!

Short-Term Technical Analysis: Ethereum plunged -9.39% on the 4-hour chart, breaking below the critical $1,662 support and touching $1,602 at the low. This sharp drop confirms strong bearish momentum. The MACD indicator on 4H has turned decisively bearish (deep in negative territory), and Parabolic SAR dots have flipped above the price – clear signs that sellers are in control. ETH is also trading below key moving averages, reinforcing the short-term downtrend as rallies get sold off.

Trade Setup (SHORT):

Entry Price: $1,620

Take Profit (TP1/TP2): $1,580 / $1,540

Stop Loss (SL): $1,650

Market Outlook: The 4H downtrend remains intact with a lower-high, lower-low structure. Bearish momentum is strong – volume spiked on the breakdown, indicating capitulation selling, and the SAR pattern shows no reversal yet. Having broken $1,662, that zone now acts as immediate resistance. The next support is around $1,600 (psychological level); failure to hold it could open doors toward $1,550 or lower. This drop appears to be part of a broader market sell-off, amplified by macroeconomic jitters and a wave of long liquidations (over $150M in ETH longs were wiped out). Bears are firmly in control unless Ethereum can reclaim $1,662, which would be needed to invalidate this bearish setup and trigger a relief bounce.