#ETH UPDATE 👀
ETH is trading around 1,619 after breaking below the ascending channel that had been holding since the 1,505 lows in early June. Today's breakdown is significant, with price slicing through the lower channel support and now sitting below the 1,635 horizontal level that previously acted as a floor throughout the recovery. The structure that took weeks to build has been lost in a single session.
A reclaim of the broken channel support near 1,660 would be needed to invalidate the breakdown and open the door back toward 1,740–1,780. Failing to recover that level keeps the door wide open for a retest of the 1,505–1,508 lows. A daily close below 1,600 would accelerate selling pressure significantly.
#ETH #Erinacrypto $ETH
ETH is trading around 1,619 after breaking below the ascending channel that had been holding since the 1,505 lows in early June. Today's breakdown is significant, with price slicing through the lower channel support and now sitting below the 1,635 horizontal level that previously acted as a floor throughout the recovery. The structure that took weeks to build has been lost in a single session.
A reclaim of the broken channel support near 1,660 would be needed to invalidate the breakdown and open the door back toward 1,740–1,780. Failing to recover that level keeps the door wide open for a retest of the 1,505–1,508 lows. A daily close below 1,600 would accelerate selling pressure significantly.
#ETH #Erinacrypto $ETH