ETH MARKET STRUCTURE ANALYSIS UPDATE FOR LAYER_1 SECTOR 🔴📊

I'm tracking $ETH closely as volume expands, with a 24h change of -6.77%, indicating a potential shift in market structure, it shouldn't break the support zone of ~$1,630.42, or the bearish outlook will be compromised, and the liquidity pools are likely to be filled around the resistance zone of ~$1,784.69, which is a key level to watch 📊. The current price action is showing a clean breakdown below the mid range of $1,707.99, which is a negative sign for the bulls, and the funding rates are also indicating a bearish sentiment, with a rate of -0.018% 📈.

The market structure shift is also reflected in the Volume Profile, with a significant increase in volume at the $1,622.31 level, indicating a strong support zone, and the Order Blocks are also showing a bearish trend, with a high probability of a further decline to $1,580 📉. The base-fee deflation metrics are also indicating a decrease in network activity, which is a negative sign for the bulls, and the validator staking metrics are showing a decrease in staking rewards, which is also a bearish sign 🚨.

DYOR

#ETH #LAYER_1 #CryptoTrending #BinanceSquare