The ETHUSD pair still shows a bearish outlook, in line with the prevailing downward trend. Recent price action indicates a retest of the current peak, which could pave the way for another move downward if resistance holds.
Main level: 2,410
This area, which was previously a gathering area, now serves as a significant resistance level.
A failed test and rejection at 2,410 is likely to resume the downward momentum.
Downward objectives include:
2,076 โ Initial support
1,940 โ Mid support
1,780 โ Long-term support level
Bullish scenario (break above 2,410):
A confirmed breakout and daily close above 2,410 will negate the bearish setup.
In this case, potential upward resistance levels are:
2,530 โ First resistance
2,630 โ Additional upward target
Inference
ETHUSD remains under downward pressure, with the level of 2,410 acting as a key turning point. As long as the price remains below this level, the bias leans towards further declines. Traders should monitor price confirmation around this level to assess the next move.
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