ETH is trading near a critical support region after rejecting from the $1,849 high. The 8H chart shows a full correction back toward the lower demand area around $1,580–$1,603, and this is where the market needs to prove whether the next bullish leg can begin.
The important detail is that ETH is still reacting around support instead of completely breaking down. Price has already tested the lower range, absorbed selling pressure, and is now trying to stabilize. This type of structure often forms before a relief move, especially when the chart is sitting near a previous demand base.
For bulls, the first confirmation is a reclaim of $1,630–$1,670. That would show buyers are stepping back in with strength. Above that, ETH can start moving toward $1,720–$1,760, which is the next major resistance zone from the recent breakdown.
#ECB signals cautious rate hikes
