ETH · 1H · DOWNTREND
Price ran from the ~1,570 base in late June all the way up to ~1,950 by July 13 — a clean impulsive move — but the last two sessions have printed a sharp rejection from that high, and price is now sitting at 1,832, actively breaking back below the horizontal dotted level that acted as resistance on the way up around 1,840. That's a textbook failed breakout signature. The structure from July 13 onward is lower highs and lower lows on this 30m view, and momentum news confirms ETH is entering a "more demanding decision zone" — which to me reads as distribution, not continuation.
I'm not long here. The rejection from 1,950 was violent and the pullback has been consistent with no meaningful base forming yet. Price sliced through 1,880, then 1,860, and now 1,840 is being tested from above as resistance — that's three levels of former support flipping. I'm watching for a clean short setup to develop, but I need confirmation that the 1,840 level holds as resistance before leaning in. Mid-range longs from here give me terrible R/R with that overhead structure sitting just above.
SHORT SCENARIO
Confirmation
1,840
Rejection at 1,840 with a close back below 1,825 confirms bearish structure and the level flipping to resistance.
Invalidation
1,870
Structure negated above 1,870, which was a prior consolidation zone before the breakdown accelerated.
Target 1
1,780
Previous consolidation zone and swing low from the July 10–12 range.
Target 2
1,740
Structural support from the mid-July accumulation base.
Risk/Reward
(1,825 − 1,780) / (1,870 − 1,825) = 45 / 45 = 1.0:1 at T1 / extends to 1.9:1 at T2
Resistance: 1,840 / 1,870
Support: 1,780 / 1,740
This is not financial advice. Content is AI-generated.