As we’ve been discussing, all eyes were on that mid-marked gray zone and the rising red trendline. We finally got our answer today, and it wasn't the one the bulls were hoping for.
1. The Rejection is Real
We just saw a sharp rejection from the key support-turned-resistance zone (the gray box). For those following the chart, this was the "moment of truth" retest. The fact that ETH couldn't even poke its head back inside that box before being slapped down confirms that the bears are currently in control of that $2,300 – $2,400 range.
2. The Rising Trendline: The Last Line of Defense
Now, the focus shifts entirely to the ascending trendline (the red line).
- This line has been the backbone of the ETH macro structure since 2022.
- Every time we’ve hit it in the past (marked by those circles), we’ve seen a massive bounce.
- We are currently drifting right back toward it.
3. The "Make or Break" Moment
We are officially in a "Squeeze Play." The price is being compressed between the rejection zone above and the trendline support below.
- The Bull Case: We bounce off the red line (again) and consolidate for a second attempt at the gray box.
- The Bear Case: If that red line snaps, we likely lose the macro bullish structure, and things could get very thin, very fast.
What’s your move? Are you setting buy orders at the trendline, or is the rejection from the gray zone a signal that there's much lower to go?
Disclaimer: Just my personal analysis, not financial advice. DYOR!
ETH Technical Update: Sharp Rejection from the Mid-Zone. Is the Trendline Enough to Save Us?
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Posted by UniChartz