ETH · 1H · DOWNTREND
The daily trend is down, lower highs and lower lows are intact, and price has now given back the entire spike to 2,450 and then some — sitting at 2,237, below every resistance zone I had mapped. The short scenario from my last read had a two-step entry: price needed to rally to 2,485–2,500 first, then reject. That zone was never reached. What did get reached was the 2,328 target, so that level did its job as a draw. Now price is grinding lower into the 2,185–2,200 liquidation cluster, which is the next dense zone below. I'm not chasing this short from here — the move is already extended into a cluster that acts as a magnet AND a potential floor. I'm waiting for a reaction before I have a clean entry in either direction, and the daily trend keeps me biased short on any bounce.
The Bitmine headline — nearly 20 million USD of fresh ETH acquisition and 6.06 million tokens in holdings — is a large buyer in the spot market, but it has not changed the structural picture on this chart one bit. Price is still below every meaningful resistance level.
SHORT (CONDITIONAL) SCENARIO
Confirmation
2,290
On a rally to 2,290–2,310, a 1H close back below 2,270 confirms the rejection; that zone is old micro-support turned resistance and sits well below the 2,331 liquidation cluster above, which is my structural ceiling for the entry.
Invalidation
2,331
1H close above 2,331 — the dense cluster above; a close there breaks the rejection structure and signals the bounce has legs toward 2,483.
Target 1
2,051
The next liquidation cluster below the dense 2,185 zone; the 2,185 cluster is a waypoint the move will likely chew through on the way.
Target 2
2,013
The lower dense cluster; extended target in line with the daily downtrend.
Risk/Reward
(2,270 − 2,051) / (2,331 − 2,270) = 219 / 61 = 3.6:1
Confidence
MEDIUM — daily trend supports the direction, the 2,185 cluster is genuine friction on the way down, and funding is modestly long-biased so a short squeeze into the 2,290–2,310 zone is plausible before the rejection sets up; but the two-step entry requires price to cooperate with that rally first
Resistance: 2,310 / 2,331
Support: 2,185 / 2,051
This is not financial advice. Content is AI-generated.