#DanielNadem $ETH on Binance Ethereum, the core Layer 1 for DeFi, staking, and most of the smart contract world.
Price has been grinding lower for weeks in a clean bearish structure, sloping down from highs above 3,900 with sellers in full control. Broke key demand around 3,000, swept liquidity below 2,716 on decent volume, then buyers showed up for a relief rally—pushed hard to tag 3,009 before getting rejected sharply. Since then it's been chopping lower again, now around 2,976. The bounce took out some stops but lacked real follow-through, feels like classic distribution on the rally with weak hands getting flushed on the way up.
**Market Read**
Watching the 3,000-3,050 supply zone overhead closely. Momentum still favors sellers with lower highs holding and price unable to reclaim the shorter MAs on conviction. Demand at 2,900-2,950 is next—if it holds we might see another bounce attempt, but a clean break lower without absorption opens the prior lows quickly. Structure stays bearish until proven otherwise.
Entry Point: 2,960 - 2,990 (short)
Target Points: TP1 2,900, TP2 2,820, TP3 2,750
Stop Loss: 3,060
**How it’s possible**
The push to 3k grabbed liquidity above prior resistance and shook out late shorts, but the fast rejection on lower volume shows sellers remain active and efficient—typical continuation setup after a failed recovery. As long as we stay below the longer MAs and rallies get capped, downside extension fits the price action. A sustained break and hold above 3,050 would invalidate, but the chart isn't showing that strength yet.
Trade the chart in front of you, risk first—patience and discipline keep you alive in this game.