Looks like Ethereum is throwing a bit of a tantrum right now.
Is this just a nasty trap, or are we actually heading for a deeper slide?
The chart shows $ETH hanging by a thread around the 1,918 mark. We just saw a pretty aggressive rejection from that 1,980 local resistance, and that last big red candle really wiped out the morning's progress.
Volume is picking up on the sell side, and we’re sitting dangerously close to the 24h low of 1,897. If we don't see some serious buyer interest stepping in right here to form a base, that 1.9k level is going to snap.
I’m watching the order book closely. It feels heavy. If we lose the current support, things could get ugly fast. Otherwise, we’re just stuck in this choppy range until the bulls find their legs again.
ETH
2,304.5
+0.81%