๐ Update on ETH/BTC pair โ Analysis on the 4-hour frame
This is a technical analysis for educational purposes and not a direct recommendation to buy or sell
In the chart, we notice that the pair is moving within a regular descending channel ๐ฝ and the price is currently in the middle of the channel after rebounding from one of the edges
โ๏ธIn the chart, we distinguish two main areas โ๏ธ
๐ The upper area (supply)
A clear selling pressure area and the price previously faced strong rejection from it
If the price moves upwards, this area could form a critical resistance
๐ The lower area (support)
Identified as a liquidity accumulation area coinciding with the channel bottom and a horizontal support line
This type of overlap gives additional technical strength to this area and buying positions may be built there by large traders
โ๏ธThe two clear technical scenarios from the chart โ๏ธ
1๏ธโฃ Gradual decline towards the blue support area with the possibility of clear price interaction within it, such as reversal candles or a false breakout
2๏ธโฃ Or a direct breakout of the channel upwards in case of strong buying momentum, especially with the breakout of the last peak within the channel
Important information ๐ $ETH
The point marked as Weak High represents a weak peak that may not hold long if the price rises towards it, opening the door for continued upward movement afterwards
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