Ethereum's Potential Drop: Key Zones to Watch for Reversal
2024-11-03

hello guys.

Trendline Break: Ethereum has broken below a significant ascending trendline, signaling potential bearish momentum.

Engulfing Pattern: The price shows a bearish engulfing pattern after breaking the trendline, indicating further downside could be ahead.

Next Target Zone: Price action suggests that Ethereum could target the next support area around $2,300, which aligns with the 0.66 Fibonacci retracement level, as shown in the purple zone.

RSI Divergence: Previous highs displayed a bearish divergence on the RSI, reinforcing the bearish sentiment after the recent top.

Bearish Continuation: A retest of the broken trendline near $2,410–$2,450 is possible, but a failure to reclaim it could lead to further downside.