Eseandre Mordi
⬤ Ethereum's price has rotated back into a well-defined resistance zone after facing rejection near the $3,400 mark. ETH is currently retesting this grey resistance area shown on the chart, with a swing short position from $3,400 still active. The recent bounce has pushed price back into this zone, making it a crucial test of whether resistance holds or flips back to support.
⬤ The chart reveals ETH topped out around $3,400 before dropping sharply, then bouncing back into the grey zone. This area used to be support but has now turned into resistance, making it a critical decision point for where price heads next. So far, ETH hasn't been able to reclaim this zone, which keeps the bearish structure intact.
⬤ For the setup to shift bullish, the grey box needs to flip back into support, which would open the path toward another shot at $3,400. Without that reclaim though, downside pressure stays in control. A four-hour close above the grey zone is needed to shift short-term momentum. Until that happens, ETH remains vulnerable to more selling in the current range.
⬤ This matters because it sets a clear technical line between bearish continuation and potential reversal. The bearish bias stays valid unless ETH breaks above $3,080 on a daily candle, which would kill the current downside structure. With price sitting at key resistance, how ETH reacts here could drive short-term volatility and sentiment across the broader crypto market.
Eseandre Mordi
