Currently trading in a clear corrective structure on the daily timeframe. After the distribution phase in September-October, the market has been consistently making lower highs and lower lows, indicating that the overall trend still appears weak.
Key Demand Zone - 2,600 to 2,650 (FVG)
The Fair Value Gap marked on the chart is an important demand area. Price is reacting around this zone, which can be considered the last meaningful support for short-term buyers.
Justification: An imbalance created after a strong impulsive move often gets revisited and reacts.
Immediate Resistance - 3,100 to 3,200
As long as ETH does not sustain a daily close above this range, any upside move will be considered just a relief rally. Buyers still need to reclaim the structure.
Major Resistance Levels - 3,650 and 4,245
3,650 previous support was a strong supply zone. 4,245 is high-timeframe resistance, from which heavy rejection has occurred before. For trend reversal, flipping these levels will be essential.
Bearish Continuation Scenario
If the 2,600 zone cleanly breaks, ETH can move directly towards the 2,520 to 2,460 liquidity area.
Justification: Multiple stop-losses are likely placed below this range, which could lead to a fast downside move.
Market Summary
ETH is currently in a decision phase.
Price consolidation and volatility are possible above 2,600, while a breakdown below it could trigger a strong downside continuation. It is best to avoid aggressive entries without confirmation.