ETH Breakdown Retest in Progress — More Downside Ahead?

🧱 Breakdown Retest Structure

• The triangle/wedge was broken to the downside around May 28–30.
  
• After the breakdown, price has rallied back and is now hovering around the lower boundary of the broken triangle—classic bearish retest behavior.
  
• This structure often plays out as:
  
• Breakdown → retest of support as resistance → continuation down.
  

🔴 Confluence for Bearish Outlook:

1. Lower Highs + Weak Momentum: Recent price spikes are showing rejection wicks near $2,700, indicating seller strength.
   
2. Volume Drop: Weak follow-through on the bounce suggests it's a corrective rally, not accumulation.
   
3. EMA Pressure: The price is struggling to hold above the 20 EMA, showing hesitation.
   
4. Bearish AB=CD Structure: The rally from the bottom might be forming a harmonic ABCD correction before the next leg down.
   
5. Major Resistance Zone ($2,720–$2,800) is being respected—multiple rejections are evident.
   

⚠️ Bearish price projections:
If ETH fails to reclaim $2,720–$2,750 and closes below $2,580 on the 4H chart, expect downside targets:

🎯 Target 1: $2,460 (recent support zone)

🎯 Target 2: $2,220 (origin of the last rally)

🛑 Invalidation: 4H close and hold above $2,800 would invalidate this bearish thesis.


🧠 Summary
You're spotting what looks like a bearish retest after a breakdown, which is a high-probability short setup in technical analysis. While bulls are attempting to push back, unless ETH breaks back into the triangle, the path of least resistance looks down.

📌 Conclusion: Wait for a 4H rejection near $2,700 with strong bearish candle for confirmation. Stop above $2,800. Profit targets: $2,460 and lower.