ETHUSD Key Zone Approach

As you see in the 4H chart, price has started a sharp bearish trend with making lower lows and highs.

Currently, it seems like price is in the correction phase and pulling back to the resistance zone between (3200 - 3330) which is a key zone for us.

If price came up towards the resistance zone and was pushed to the downside with a strong rejection, we can expect a revisit to 2765 and in the case of a downside breakout on this level, there would be more drop around the support level at 2500

Otherwise, if the resistance zone broken out to the upside, we expect a rise to the resistance level at 3670 ( Weekly High).

Comment:

Trade closed: target reached:

This one was similar to XAUUSD chart.
Price got rejected by the resistance zone and dropped.

TP1 (2765) hit✅

If price breaks the last low, we can expect more drop in the next week.