$ETH is currently trading in a reactive structure around a key liquidity zone formed at $2372.55, where a significant $27.605K long liquidation was triggered. This type of liquidation event typically signals a liquidity sweep, meaning price has already hunted downside liquidity and is now deciding direction from a sensitive pivot area.
Market structure shows a short-term breakdown followed by absorption near the $2372.55 region. This level now acts as a critical resistance zone. As long as price remains below it, sellers maintain control and continuation to the downside remains favored.
Momentum is weak on recovery attempts, and there is no strong reclaim above broken structure yet. This suggests that the market is still in a distribution-to-downtrend transition phase rather than a confirmed reversal.
EP: $2368 – $2375
TP1: $2335
TP2: $2300
TP3: $2260
SL: $2388
Current trend strength is bearish with controlled pullback behavior rather than impulsive buying.
Momentum remains capped below resistance, showing rejection pressure at every recovery attempt.
Price is likely to continue moving toward downside liquidity pools as long as $2372.55 is not reclaimed with strength and volume.
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