VIP MARKET UPDATE: $ETH
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$ETH is trading around the 2,287 area after a sharp breakdown that has pushed price all the way to the lower ascending trendline, breaking below the 2,292 horizontal support that had been holding throughout the recent consolidation. The descending resistance from above has been rejecting every recovery attempt since the 2,470 highs, and price is now at the most stretched point in this structure, sitting directly on the long term ascending trendline that has been in place since mid April.
This is a make or break moment for ETH. A trendline hold here could spark a meaningful recovery toward the 2,360–2,390 area, but the descending resistance above will need to be broken cleanly for any bullish case to be credible. A trendline loss on a closing basis would be a significant bearish signal, opening the door toward the 2,250–2,200 area and raising serious questions about the broader bullish structure.
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