$ETH ETH on the 4-hour timeframe shows Ethereum trading within a clear range-bound zone:
Resistance zone: Around $1,800
Support zone: Around $1,400
Current price: $1,601.13, sitting near the middle of the range
Key Observations:
Price is consolidating between the purple-marked resistance and support levels.
Volume is relatively steady, with no major spikes indicating breakout attempts.
Market sentiment shows 92.17% sell pressure, which could suggest short-term bearish bias despite the recent +1.84% gain.
Possible Scenarios:
1. Bullish Breakout: If ETH breaks above the $1,800 resistance with volume, it could signal a trend reversal.
2. Bearish Breakdown: A drop below $1,400 support may trigger further downside.
3. Sideways Movement: Until either level breaks, the market could continue ranging.