break support, continue to correct downETH 4H Chart Analysis
• Breakout Zone:
ETH has broken below the $4,360 – $4,330 zone (purple box), which previously served as strong support. This signals a shift in sentiment toward bearish momentum.
• Current Price Action:
After a sharp drop, ETH is consolidating around $4,170, hinting at a possible short-term rebound before continuing its downward structure.
• Resistance Levels:
• $4,360 – $4,330: Recently broken support, now acting as strong resistance.
• $4,505: Next resistance above, in line with prior range highs.
• Support Levels:
• $4,166: First Fib extension target, currently being tested.
• $3,880 – $3,900: Major support zone if price declines further (2.618 Fib extension + horizontal demand zone).
• Outlook:
ETH may retest the $4,330 – $4,360 resistance before continuing lower. If bearish pressure persists, the next downside target is around $3,880 – $3,900.
