$ETH - I’m not liking the market structure on the low-timeframes, as the price has broken below the 1D Bull Market Support Band, a level that has been a strong reversal spot for months, and has since failed to reclaim it.

That’s a clear sign of short-term weakness.

Because of this, I believe the most likely outcome in the short-term is further downside or continued consolidation inside the high-timeframe support range marked in green, which has previously acted as both a strong resistance and a strong bounce zone.

Until we get clear signs of strength, such as a durable reclaim of the support band or a reclaim of the 0.618 Fibonacci POI at $3,122, I don’t think the mid-term bottom is confirmed.