ETH Weekly: The “Support-Turned-Resistance” Nightmare is Real

Hello everyone, the ETH weekly chart is not looking good.

Hello everyone, the ETH weekly chart is not looking good.

We recently received a significant rejection in the gray area between $2,150 and $2,250. This is the classic "Support-Flip-to-Resistance" move for price action watchers. We broke down after spending months above this level, and this week was an attempt to get it back.

Pin Bar/Shooting Star: The long upper wick indicates that the bulls attempted to push but were thwarted by sell orders.

Weakness: The rejection occurred at the exact moment of the prior breakdown.

The "Save": The bounces are becoming smaller, but we are still holding the multi-year red trendline.

We're probably going back down to test that red trendline once more (around the $1,800-$1,900 area) if we don't witness a miraculous recovery before the weekly close.

Are you waiting for the trendline to break or are you buying this dip?