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$ETH sneaky bearish vibe creeping in. For trading on 1-hour timeframe, I'm leaning cautious short here, keeping that bearish slant.
Price action's been rough tooโa failed push above 3400, then smacked back down at the upper Bollinger band.
Diving into the market structure on the 1-hour chart:
1. There's a double top hanging around 3403, with clear rejection after.
2. Lower highs keep stacking up since that high point.
3. Rallies are coming with super low volume, like the buyers are half-asleep.
4. Price is squeezing tight between the Bollinger bands, which usually means volatility's about to pop off.
Volume-wise, those recent candles are telling: volume's been dropping off during the pullbacks, which screams bearish divergence to me. Not a great sign.
On capital flows, we're seeing some hefty net outflows in the short term, like -387M USDT over 4 hours, feels like folks are cashing out profits left and right.
Entry short
$ETH : Around 3340-3350 USDT, especially if it retests that old support now acting as resistance.
Stop loss: 3410 USDT (sitting above Resistance level and the latest swing high).
Targets
$ETH : First at 3305 USDT (Support level), then down to 3275 USDT (next support zone)
Why? That MACD crossing bearish, plus the outflows and busted breakout, all point to more downside pressure hitting Support zone. RSI's neutral, so plenty of room to drop before it screams oversold.
if it smashes above 3380, scrap the bear thesis and reassess.
#ETH #ETHUSDT #Ethereum