Ethereum Shows Weakness at 0.618 Level — Lower High FormationEthereum’s price action is displaying significant weakness around the 0.618 Fibonacci retracement level, currently situated near $4,114. This region has repeatedly acted as a rejection zone, highlighting the lack of sustained bullish momentum in the current market structure.
If continual rejections persist at this level, the probability of a deeper corrective move increases, with the next major support target lying around $2,400. The broader structural framework remains bearish, as Ethereum continues to form lower lows on higher timeframes — a classic signal of downtrend continuation.
Key Points:
- Critical Resistance: The 0.618 Fibonacci level at $4,114 remains a key rejection zone.
- Bearish Structure: Ongoing lower lows suggest sustained weakness in market structure.
- Downside Target: Potential corrective move could extend toward $2,400 support.
From a technical perspective, this region can act as a lower high projection unless Ethereum decisively reclaims the $4,800 level. Until such a breakout occurs, the bias remains to the downside.
What to Expect:
As long as ETH fails to close above $4,114, bearish pressure will likely persist. A continued rejection here opens the door for a retracement toward $2,400, reinforcing the broader corrective outlook.
