🚨 ETH/USD Bearish Setup: Channel Rejection Signals Downtrend Continuation! 🧨📉
$ETH
ETH
3,678.42
+3.47%
ETHUSDT
Perp
3,676.27
+3.47%
The Ethereum 1-hour chart is displaying a potential bearish setup, and traders are taking notice! ETH has been rejected from the upper resistance of a well-defined descending channel, which technical analysts see as a signal for renewed selling pressure and a likely continuation of the downtrend.
Key Levels to Watch
Analysts are zeroing in on a potential sell zone around $3,660–$3,670, right at the channel's resistance. Hypothetical price targets for a bearish move are being discussed as:
* TP1 at $3,580
* TP2 at $3,500
* TP3 at $3,420
* A larger target could be a move toward the channel support at $3,320–$3,300.
Meanwhile, a potential stop-loss is being considered above the recent double-top high at $3,880 to manage risk if the market turns bullish.
Technical Outlook
The technical signals appear clear: as long as ETH continues to get rejected at these resistance levels, momentum may favor the downside. The descending channel remains a key barrier for bulls, so traders are watching each lower high for confirmation of further drops. This chart pattern is being viewed as a classic bearish setup, but as always, market volatility is a factor.
⚠️ Disclaimer: This analysis is for informational purposes only and is not financial advice. Cryptocurrency markets are highly volatile. Always conduct your own research and risk management before making any trading decisions.
