ETHUSDT is forming a false breakout of resistance on the daily chart, formed by the ATH of the previous bullish cycle – 4100. Closing below this level could cause panic in the market…
Bitcoin looks weak, consolidating below 114K. There was an attempt at a rally, but the news broke the structure and the cryptocurrency market is forming a downward correction, testing intermediate lows.
Ethereum broke the support of the trading range and entered the panic zone – below 4065. The market may fight for this zone, and as part of the correction, the price may test the 4065-4120 area, but if ETH closes below resistance, it could trigger a price drop within the current bearish cycle to 3880-3715.
Resistance levels: 4065, 4120, 4206
Support levels: 3880: 3715, 3370
On D1, the structure is weak, the price breaks through 4100-4090 and consolidates in the sales zone. Everyone who bought above 4100 can now start active sales due to the activation of stop orders, panic, fear, and the reversal of their positions. If the market does not receive support (bullish driver), the correction may continue. The nearest target is 3878 – 3715 7 3400
Sincerely, R. Linda!
