Ethereum Buyers Defend July Highs, But Pressure Mounts

In today’s technical analysis, let’s focus on Ethereum (ETH) on the H4 chart.
The long-term picture shows ETH in a fragile spot. The coin recently broke down from a symmetric triangle pattern marked with red lines, a move that generated a clear sell signal. After this breakout, ETH attempted a modest correction, but sellers quickly regained control, pushing price lower.

Now ETH is resting on an absolutely key horizontal support, marked with the blue line — a level that was a major resistance back at the end of July and has since turned into crucial support. The market reaction here has been a bounce, but not a particularly convincing one. The rebound is shallow, and while it keeps hope alive for buyers, it doesn’t yet inspire confidence.

The technical setup is straightforward: if ETH stays above this blue line, buyers can argue for maintaining a constructive outlook. Protecting this level is critical. But if the price closes a day below the blue support, that would be a powerful bearish trigger, signaling a deeper move lower and activating a strong sell signal.

Source: https://www.axiory.com/analytics/technical-analysis/ethereum-buyers-defend-july-highs-but-pressure-mou