ETH 1D: correction unfolding or just a warm-up?

Ethereum continues to trade within a clear bearish structure: after breaking below key daily moving averages, the decline accelerated, pushing the price into the 2720–2800 zone an area that previously acted as a short-term reversal cluster. The trendline from the recent top is broken, and a retest of the 3600–3700 resistance (0.5–0.618 Fib) remains the key scenario before any continuation of the downtrend. Only a confirmed breakout above 3700 would shift the structure back to bullish.

A deeper correction target sits around 2360–2400, where symmetry projections and previous accumulation zones converge.

Fundamental snapshot (Nov 22): network activity is stable, but downward pressure persists due to lower transaction fees and reduced validator revenue. Capital inflows remain weak, and ETH’s dominance continues to erode against L2 networks and alternative L1s. The market is waiting for strong catalysts such as real-world asset tokenization and institutional adoption. In the short term, sentiment leans neutral-to-bearish, supporting the probability of a move toward 2360–2400.

As long as ETH remains below 3600–3700, the bearish scenario holds priority. A breakout above 3700 would flip the structure, but current price action still favors continuation of the correction.

Ethereum is full of surprises - yet price levels tend to be much more disciplined than traders.