$ETH /4 hour SHORT ! Dont miss it out guys ‼️
1. Downtrend Confirmation:
- The downtrend is confirmed by the sequence of lower highs and lower lows on the chart.
- The price is making a series of declines, breaking below previous support levels, and failing to reach previous resistance levels.
2. Resistance Levels:
- There is a resistance level around $3,600, as indicated by the upper horizontal red line.
- Another resistance level can be observed near $3,500, marked by the middle horizontal red line where price repeatedly tried and failed to break above.
3. Support Levels:
- The initial support level was around $3,500, which has been broken and now acts as a resistance level.
- The current support level is around $3,300, as indicated by the lower horizontal red line. This level was tested multiple times and is critical for the price action.
4. Potential Movement:
- The white arrow shows a potential bearish move where the price could continue to decline after retesting the previous support (now resistance) level around $3,500.
- If the price breaks below the current support level at **$3,300**, the next target could be around **$3,200** or lower.
The chart illustrates that Ethereum is in a downtrend with clear resistance and support levels, and there is potential for further downward movement if the support at **$3,300** is broken.
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