$ETH $INIT /USDT - A short-term bearish structure is forming🔐🔑👇
Current price: $0.7768
Timeframe: 1H & 4H charts
Chart analysis: 📉
$INIT shows short-term weakness after aggressive growth, evident from the sharp rebound from the resistance zone at $0.90. Currently, the price action has broken the 20 EMA on the 1H chart and is holding slightly above short-term support. Trend signal & formed pattern: 📊📉 The 4H timeframe shows a potential local maximum and early signs of bearish momentum. 1H RSI is deeply oversold (around 0), signaling exhaustion and a possible bounce, but confirmation is lacking. There is still no bullish reversal structure — momentum remains with the sellers. Why bearish 🤔🔥 Failure to hold support at $0.80 after parabolic growth. Lower highs and lower lows on the intraday chart.
Weak attempts at a rebound indicate that buyers are losing strength. Strategic plan (Short position): 🧑💻 Sell entry zone: $0.80 – $0.83 (if a minor pullback occurs) ✅ Target-1: $0.72 🎯 Target-2: $0.65 🎯 Stop-loss: $0.86 (above the previous lower high)
