Ethereum price is reaching the first downward target around 260. Here, a temporary balance is reached, and buyers and sellers are finding a temporary consensus. In general, the scenario reminds of bitcoin, and as the instruments go toe-to-toe, I will not rack my brains and play “find 10 differences”. Are the targets reached? Yes. Are key opportunities realized? Yes. And this is more than enough.
Pay attention to this H4 chart and you will see a beautiful and voluminous balance candle right in the heart of the channel. For a while, we will consolidate at this level, and then we will go on.
A very important resistance is located around 280, it separates the old pattern from the new one, and it is here that the neck from the Head and Shoulders is located. And if today, based on the results of the day, the price closes below this level, the sellers will get green light for the red road.
The climax is close and despite the fact that a significant part of the downward movement has worked itself out, sellers still have an advantage, and I estimate the probability of the trend continuation as 6 to 4. At the moment, landing at 220-240 looks harmonious, which will fulfill the main target of the current decline and will untie the hands of buyers who after some consolidation will be able to take more decisive actions.
However, a local rebound can be organized as soon as from the current levels. The fate of further movement will be decided in the range of 265-280, which is seen in the following M15 chart.
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