Current trend: Bearish pressure at high levels—watch for a pullback



ETH current price is approximately $2,397. After an early surge, momentum has weakened. It is currently consolidating below the key resistance zone of 2415-2430, and the 4-hour chart shows signs of a top divergence.
Resistance above: 2415-2430 ( key previous highs ). If it breaks out, look for 2470-2480
Support below: 2350 ( top-to-bottom conversion ), strong support at 2310-2340
Trading strategy

Short positions: Lightly short in the 2415-2450 range. Set a stop-loss above 2470, target 2350-2380.
Long positions: Lightly go long in the 2340-2350 range. Set a stop-loss below 2330, target 2390-2410.
Current conditions are a “follow the rally” market. If Bitcoin pulls back, ETH’s downside could be greater. Be sure to set your stop-loss orders properly.
ETH0.94%
BTC0.39%
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