ETH/USDT 4HOUR CHART UPDATE !!ETH/USDT is retracing after being rejected by the 3,150–3,200 resistance area and the descending 200 MA, but is still trading within a larger contracting structure with higher lows forming.
The price broke above the short-term downtrend line but quickly failed near the green moving average and is now sliding back toward the confluence of old diagonal resistance and rising support around 2,850–2,900.
This zone is the first major demand zone; below it, the next major support on this chart is the wide yellow block at 2,500–2,550, where the previous strong rally began.
ETH moved sideways down inside the converging trendline, forming a base around 2,800–2,900, before a sharp move higher toward 3,300+ if buyers defend that area.
A clean 4H close below the rising lower trendline, and especially below 2,500, would invalidate the bullish consolidation idea and create room for a deeper correction towards previous higher-timeframe support.
DYOR | NFA
