Here’s a technical analysis of the Ethereum (ETH/USDT) chart on the 5-minute timeframe:

Key Observations

Supply Zone (Resistance) – Highlighted in green:

Price rallied strongly into this zone, then consolidated and got rejected.

This zone is now acting as resistance.

Several candles failed to break and hold above this area.

Demand Zone (Support) – Highlighted in purple:

This area has acted as a strong support zone, absorbing selling pressure.

Price bounced from this area previously.

Current Price Action:

Price dropped sharply from the resistance zone and is now consolidating in a tight range just above the demand zone.

Volume during the rejection was significant, suggesting sellers are currently in control.

However, the current candles show indecision and low volatility — a potential pause or base-forming behavior.

Probable Next Move

Scenario 1: Breakdown (More Likely in Current Context)

If price breaks below the demand zone (bottom purple box) with strong bearish candles and volume, expect further downside.

Targets: Next visible support levels below current zone (not visible in this cropped chart).

Scenario 2: Bounce

If the demand zone holds and buyers step in, we could see a retest of the previous resistance zone.

Watch for a bullish engulfing or a high-volume green candle signaling buyers regaining control.

Conclusion

Given the rejection from the upper zone and consolidation near support, a breakdown is slightly more likely unless strong buying pressure appears soon. Watch for volume and candle patterns near the lower purple box for confirmation.