$ETH - Bounce Back or Break Down?

ETHUSDT | 3d

Ethereum has experienced a roughly 13% decline over the past week, primarily due to deleveraging triggered by shifting expectations around rate cuts. The chart indicates that each time the price tests a previous high for the second time, it tends to decline in a bearish retest.

The $3800 level is a critical support zone. If this support holds, it could pave the way for a rally, potentially retesting the $4800–$5000 range.

However, a break below $3,800 could lead to further declines, targeting the $3500–$3200 zone. In a more bearish scenario, a drop to $2600–$2400 is possible.