$ETH Bearish downtrend Analysis:

#Ethereum has been consistently respecting a strong descending channel and 21 day EMA since its peak earlier this year. Each lower high has led to a significant drop, creating a pattern of bearish rallies followed by sharp corrections. Let’s break it down:

📉 Bearish Wave Structure:

ETH has seen four major drops off this trendline:

-28.55%

-34.03%

-30.56%

Each time price approached the trendline, it faced heavy resistance, leading to these sharp declines — forming a repeating structure of lower highs and lower lows.

🔼 Current Setup:

#ETH is now again testing the descending channel and 21 day EMA, mirroring previous price behavior. This is a key decision point.

📊 Technical Observations:

Price is approaching horizontal resistance, 21D EMA and the channel upper line.

Rejections from this area have historically triggered steep drops.

The downtrend remains intact unless a clean breakout occurs.

🧠 What to Watch For:

Rejection Zone: ~$1,750–$1,730 (previous horizontal rejection zones + channel).

Confirmation of Breakout: Daily close outside channel and above 21D EMA with follow-through volume.

Breakdown: Failure to break and bearish engulfing near resistance could signal another wave down.
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