FX.co ★ t11.taractn | #Ethereum chart analysis

My Technical Analysis: Ethereum (ETHUSDT) 1-Hour Chart Looking at this 1-hour chart, I see Ethereum in a sharp downtrend that has accelerated over the past several sessions. Price has collapsed from the 2,250 region, crashing through multiple support levels, and is now trading near 1,975.35. The sell-off has been aggressive, with virtually no meaningful counter-trend bounces. My analysis using FVGs, Order Blocks, and S/R focuses on identifying where the next potential support might emerge and whether were approaching exhaustion levels. My Read on the Market Structure & Key Levels How I View the Current Context: The structure is violently bearish with a clear sequence of lower highs and lower lows. The most recent leg shows a breakdown below the 2,000 psychological support level, accelerating the move lower. Momentum remains strongly with the sellers, and there are no signs of reversal patterns yet. Each attempt at a bounce has been shallow and quickly sold into. The Critical Zones Im Watching: Current Support (Testing): The 1,970 - 1,980 zone is the current level being tested. Price is hovering near the recent low of 1,975.35. Next Psychological Support: Below current levels, the 1,950 round number is the next obvious target, followed by 1,900 and the critical 1,850 level. Immediate Resistance (First Hurdle): The 2,000 - 2,025 zone is the first key resistance, representing the broken psychological support that should now act as resistance. Primary Resistance (Trend Reversal Level): The 2,075 - 2,100 area is the significant resistance that would need to be reclaimed for any hope of trend reversal. This was a previous consolidation zone. Where I Identify the Fair Value Gap (FVG): The sharp sell-off from 2,100 created multiple bearish FVGs. The most significant imbalance zone I see is between approximately 2,000 and 2,050. This gap now acts as a magnetic resistance zone. Any bounce into this FVG would be a textbook opportunity for sellers to re-enter, filling the imbalance before potentially continuing lower. My Order Block Analysis: Bearish Order Blocks (Supply Zones): Primary: 2,075 - 2,100 – The breakdown candle cluster that initiated the most aggressive leg down. Secondary: 2,000 - 2,025 – The rejection area where selling pressure emerged at the psychological level. Bullish Order Blocks (Demand Zones): I dont see any significant bullish blocks forming yet. The 1,950 zone might attract buyers due to psychology, but no structural demand has been established. My Trading Plan & Bearish Bias My bias is bearish, and Im looking to sell rallies rather than buy dips. My ideal scenario is a bounce that climbs into the FVG and bearish order block confluence zone between 2,000 and 2,025. Ill wait for a clear rejection pattern there to consider a short entry, targeting a break below 1,970 toward 1,950 and potentially 1,900. If price continues to grind lower without a meaningful bounce, I might consider a breakout short below 1,970, but I prefer the better risk/reward of a pullback entry. The only thing that would make me reconsider the bearish view is if price powers back above 2,100 and holds—that would invalidate the breakdown structure. Until then, Im treating any strength as a selling opportunity in this persistent downtrend. Risk Warning: The sell-off has been aggressive, and were approaching the 1,950 psychological level, which could attract buyers. A short squeeze could occur at any time. Ill keep position sizes smaller and stops tighter, waiting for confirmation rather than chasing the move. The next few candles will be crucial in determining whether we get a relief bounce or continue lower.