Pair: ETH/USD
Trend: Bearish
Key Signal: Rejection from upper channel resistance
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📉 Key Observations:
Bearish Channel: $ETH is trading within a well-defined descending channel. Recent price action has rejected the upper boundary near $3,100.
Lower Highs Forming: Price failed to break above previous highs, indicating waning bullish strength.
RSI Bearish Divergence: The Relative Strength Index is showing a bearish divergence—momentum is weakening despite brief upward pushes.
Support Levels to Watch:
Immediate support: $2,950
Key breakdown zone: $2,800
Resistance:
Channel top: $3,100
Horizontal resistance: $3,200
🔔 Trading Strategy:
Short Bias: Enter near resistance with tight stop above $3,150.
Confirmation: Wait for a candle close below $2,950 for stronger bearish confirmation.
Risk Management: Use proper stop-loss and position sizing, especially in volatile conditions.
