ETHUSD coiling pattern = energy build up

The ETHUSD pair continues to display a bearish outlook, in line with the prevailing downward trend. Recent price action suggests an oversold bounce back, potentially setting up for another move lower if resistance holds.

Key Level: 2,377
This zone, previously a consolidation area, now acts as a significant resistance level.
A failed test and rejection at 2,377 would likely resume the bearish momentum.

Downside targets include:

1,870 – Initial support

1,750 – Intermediate support

1,590 – Longer-term support level

Bullish Scenario (breakout above 2,377):
A confirmed breakout and daily close above 2,377 would invalidate the bearish setup.

In that case, potential upside resistance levels are:

2,520 – First resistance

2,635 – Further upside target

Conclusion
ETHUSD remains under bearish pressure, with the 2,377 level acting as a key inflection point. As long as price remains below this level, the bias favours further downside. Traders should watch for price confirmation around that level to assess the next move.

This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.