Ethereum Rejection at 50 EMA - Bears Take Control!

ETH/USDT — Technical Analysis (1D Chart)

ETH is trading around $3,000 after breaking below its long-term upward trendline, showing a shift in market structure. Price attempted a retest of the broken trendline and the 50-day EMA ($3,415) but failed to reclaim it, forming rejection wicks in the highlighted zone a classic bearish retest.

Key Notes:
Structure: Lower highs and lower lows confirm a bearish continuation.
EMA: Price is trading below the 50-EMA, reinforcing downside pressure.
Resistance Zone: $3,250–$3,450 remains strong supply.
Immediate Bias: Bearish unless price closes above $3,450.

Downside Targets:
$2,750–$2,800 First demand area (marked 1st target zone)
$2,378 Major support
$2,098 Next swing-low support

A short-term relief bounce is possible, but the larger trend favours continuation lower unless ETH regains the broken trendline and EMA with conviction.