After what is currently shaping up to be a weak bounce off the 4-Hour Order Block equilibrium, Ethereum seems to be signaling a potential break to the downside. This level is also confluent with the range equilibrium.
It was rejected almost to the pip by the 23.6% Fib level pulled from wick to wick of this latest wave.
A clean break below the 4-Hour Order Block and I will be looking to short the retest targeting the range low which is also confluent with another 4-Hour Order Block and demand zone.
If the current swing low around $192 is broken, I would expect price to revisit $175-$185, with potential for further downside continuation all the way to $90-$130.
For this situation to materialize, Bitcoin will have to make a new yearly low and revisit the $5000-$5500 area.
On the flipside, if ETH makes a move up from here, I would be looking for a long on the retest of the supply zone above, targeting somewhere around $270.
All in all, both the bulls and bears are showing signs of exhaustion, and the market should make an expansive move in one direction or the other relatively soon.