Speaking of Ethereum failing to clear $4,788, on-chain data shows a huge cluster of liquidity around this level. Particularly, Merlijn The Trader described the $4,800 as the “final boss” for ETH, pointing to billions in sell orders stacked at that level on Binance’s ETH/USDT pair.
However, multiple technical alignments, such as Break of Structure signals, fair value gaps (FVG), and Fibonacci retracements, show that Ethereum may be due for a retracement. The trade plan outlined anticipates an entry around $4,440, with a stop loss above $4,790 and a downside target of $3,375 at a strong support area. This would imply a corrective move of over 20% if the bearish projection plays out.
At the time of writing, Ethereum was trading at $4,465.
Featured image from Unsplash, chart from TradingView
