ETH/USD Bearish Reversal Setup – Targeting $1,470 After ResistanPair: Ethereum / U.S. Dollar (ETH/USD)
Exchange: Coinbase
Timeframe: 15 minutes
Indicators:
EMA 30 (red line): ~1635.82
EMA 200 (blue line): ~1585.79
🟣 Key Levels & Zones
Resistance Zone (Purple Rectangle Top): Around $1,647 – previously tested and rejected.
Support Zone (Purple Rectangle Bottom): Around $1,470 – marked as the "EATARGET POINT".
Current Price: ~$1,645
📉 Bearish Breakdown Setup
Chart Pattern: There’s a potential double top or distribution zone forming near the resistance.
Projection: The price is expected to break below the smaller support zone and drop to the target zone around $1,470.67, representing an 11.13% drop.
Measured Move Tool: Indicates a bearish price target if the price breaks down from the current consolidation.
✅ Confluence
Price is currently hovering under resistance.
EMAs show short-term bullish momentum but could flatten if breakdown confirms.
Support near $1,635 is being tested – a break below could trigger the expected drop.
⚠️ Trading Implications
Short Setup: A trader might look to enter short around $1,647 if breakdown confirmation occurs.
Stop Loss: Just above the resistance zone (~$1,650+).
Take Profit: Near $1,470 zone.
