ETH next level and overall correlation markets - some thoughts

A channel is being formed at the 0.5 fibo calc from the last significant low.

After 5-6 attempts to break the 0.5 fibo level + a rejection from 200MA on 4H chart + rejection 200MA on 15 min chart where also the Head and Shoulders pattern was noticed (see chart above), the price moves toward last support. These could be seen as significant indicators that the next relevant level would be the support area $1050 - $1020 - $1000 (see also our prev analysis on 4h chart 200MA). Depending on the dynamics of the move at $1050-$1000 & the overall reaction of the market in that area, we will decide if we keep the Short position or exit.

Would we break below the support area of $1000 & more specifically when would this happen, it is to be considered on a larger scale - we note the same technical facts are seen on other markets - the QQQ on 4h chart also meet 200MA + on weekly QQQs are as well on 200MA support.
Will QQQs also get a rejection next week on 4h chart as ETH did and then go lower? Or will the market be ready after this weekend for a reversal/correction in trend (referring as well to interest rates and inflation ww current status)?

We note that there is an overall market correlation to be considered while entering swing positions on crypto and therefore while the markets now are testing significant support/resistance levels (bitcoin, eth, qqq, spy), we consider a step by step approach on crypto.

For your success,