B4Bit
06/30 16:14
Ethereum price outlook: ETH faces heavy volume wal
Ethereum price outlook: ETH faces heavy volume wall range, rotation likley
Ethereum has rallied into a major confluence zone near $2,550, where multiple high time frame indicators and technical resistances converge. With declining volume and previous range behavior suggesting exhaustion, this zone is critical for the next directional move.
After bouncing from an oversold condition, Ethereum (ETH) has retraced into a region packed with resistance, the same zone that previously capped price action for over 40 days. This region includes the point of control from the prior range, high time frame resistance, VWAP resistance, and a golden Fibonacci retracement, all pointing to a likely rejection unless volume surges.
Key technical points
- Major Resistance at $2,550: Includes high time frame SR, 0.618 Fibonacci level, and range point of control.
- Volume Profile Shows Weak Demand: No decisive volume influx has accompanied the current rally into resistance.
- Range Formation Likely: Structure between $2,550 resistance and $2,220 support could continue for weeks.
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