ETH Under Pressure: Is a Deeper Correction Incoming? 👀
While Bitcoin is grabbing the headlines with its recent volatility, Ethereum (ETH) is painting a very cautious picture on the daily chart. If you’ve been watching the $1,800 level, it’s time to pay close attention.
📉 Technical Breakdown
Looking at the 1D chart for ETH/USDT, the price action is currently showing signs of a "dead cat bounce" or a bearish continuation pattern:
Current Price: ETH is trading around $1,829, down roughly 1.43% on the day.
Resistance Rejected: After a sharp drop in early February, ETH failed to reclaim the $2,112 support-turned-resistance level.
The "W" Trap: We saw a small double-bottom attempt, but the momentum failed to break higher. The red projection line on the chart suggests a potential move lower to test the next major liquidity zone.
Key Support Zones: If $1,800 fails to hold, the next stop looks to be the $1,650 - $1,700 range.
⚖️ Market Sentiment
Ethereum is currently caught between the "Shanghai upgrade" fatigue and broader macro liquidations. While the long-term fundamentals remain strong, the short-term chart suggests the bears are currently in control of the trend.
Levels to watch:
Bulls need: A daily close above $2,000 to invalidate the current bearish structure.
Bears want: A break below the recent wick at $1,780 to trigger further sell-offs.
Is this a generational buying opportunity for ETH, or are we heading back to the $1,500s? Share your strategy below—are you DCA-ing or waiting for the bottom? 🧊👇
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