@areyoubased.base.eth
One of the things I do is a daily check-in of $ETH PA.
Below is the Ethereum weekly chart,
It shows key horizontal levels to pay attention to, ones that have previously been significant.
Rn ETH is holding above a horizontal area at $2850, an area that has acted as a significant price pivot many times in the past when ETH price moves above or below.
This comes off the back of a bearish move, from highs close to $5000.
Initially bulls attempted to defend price at the $4000 level, as shown by lower weekly candle wicks across Sept -> Oct (5 total).
Eventually price gave way as bulls were no longer able to defend price above $4000. Now bears have done significant damage forcing bulls to defend the $2850 pivot area.
As it stands this level is holding, showing its significance as the price action consolidates above.
However, this is consolidation after a bearish move and typically this leads to continuation.
The $2850 area is significant. A break below suggests a test of $2000. Pay attention to this pivot.
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