Saad Ullah
⬤ Ethereum has been sliding lower after getting rejected multiple times in the $3.1K to $3.4K range. This zone lines up with the Fibonacci golden pocket (0.5 to 0.618 retracement), and as long as ETH stays below it, the momentum remains bearish.
⬤ The chart shows ETH breaking through the $2.7K support level, confirming the downtrend is still in play. After that breakdown, price also lost the $2.1K support area, signaling deeper structural weakness and more downside pressure.
⬤ With both of those levels now broken, the next major support to watch is around $1.5K. This area matches up with an earlier bottom and could be where buyers start stepping in. If the setup shifts, this is where traders might begin rotating back into spot positions.
⬤ Right now, everything hinges on whether Ethereum can hold around $1.5K. How price reacts at that level will tell us if we're looking at a potential reversal or if the sell-off still has room to run before any real recovery takes shape.
Saad Ullah
