Ethereum's price action on the 4-hour chart presents a pivotal moment for traders. Following a recent downturn, ETH has the potential to move towards the critical support zone around $1950–$2010, which previously sparked a rally.
Currently, as we got rejected from the upper zones, we are looking at how today's daily candle will close, so we have a better understanding of the current market situation! If nothing changes and we do not break from the upper rejected resistance, we will most likely move towards the $1950 zone, which last time acted as pretty good support!
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ETH made a good effort to reclaim that lower zone here, but a smaller support zone pushed it back.
Although we had some sort of reclaim attempt, the price is still struggling to move to upper zones (showing some weakness in candlestick movements)
The major target is still the same, but we might as well start the movement to the upper zones for a retest as well!
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ETH made another attempt to breakdown but failed to succeed. We are seeing more and more signs of some kind of bullish momentum to happen before the next movement to lower zones (also forming a nice "Double Top" pattern)