$ETH - As mentioned in previous PAT Updates, the low-timeframe structure remains weak.
Price is still failing to break above the 1D Bull Market Support Band, a level that has triggered strong reversals in recent months, and the inability to reclaim it signals clear weakness.
Because of this, until we see strength such as a reclaim of the support band or a break above the 0.618 Fibonacci POI (which acted as strong support on its first test), the best approach is to stay cautious and prepared for a short-term rejection.
If weakness continues and ETH keeps failing at this range, the most likely outcome is another pullback into the high-timeframe support zone (green), where the last bottoming structure formed, before any more durable upside reversal.
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$ETH - As mentioned in previous PAT Updates, the low-timeframe structure remains weak.
Price is still failing to break above the 1D Bull Market Support Band, a level that has triggered strong reversals in recent months, and the inability to reclaim it signals clear weakness.
Because of this, until we see strength such as a reclaim of the support band or a break above the 0.618 Fibonacci POI (which acted as strong support on its first test), the best approach is to stay cautious and prepared for a short-term rejection.
If weakness continues and ETH keeps failing at this range, the most likely outcome is another pullback into the high-timeframe support zone (green), where the last bottoming structure formed, before any more durable upside reversal.