Here's a detailed technical analysis of your Ethereum (ETH/USD) 4H chart 👇

🔹 Chart Overview

Timeframe: 4H

Current Price: ≈ 3,983

Resistance Zone: 4,314 - 4,583

Target Level: 2,766

Pattern: Downward channel (bearish trend continuation)

🔹 Price Structure

Price is moving within a descending channel, meaning the overall trend remains bearish.

After touching the lower trendline, ETH rebounded and is now testing the upper channel resistance zone between 4,314-4,583.

🔹 Key Levels

Resistance Zone:

This zone is critical; it aligns with both the upper channel boundary and a prior supply zone.

If price gets rejected here → confirms continuation of downtrend.

Support / Target:

The projected target level is around 2,766.75, which aligns with the lower boundary extension of the channel.

🔹 Market Bias

As long as ETH stays below 4,314, the bearish sentiment dominates.

A clean break and close above 4,583 would invalidate the bearish setup and could shift sentiment bullish toward 4,800+.

🔹 Possible Scenarios

1. Bearish Scenario (High Probability):

ETH rejects from resistance zone (4,314-4,583).

Downward move continues toward 3,500 → 3,000 → final target 2,766.

2. Bullish Reversal (Low Probability unless breakout):

Strong breakout above 4,583 with volume.

Next resistance near 4,950-5,000.

🔹 Summary

📉 Trend: Bearish

⚠ Watch Zone: 4,314-4,583 (short opportunity if rejection forms)

🎯 Downside Target: 2,766

🔄 Invalidation: Break and close above 4,583