$ETH finally broke down after reaching a high of 3300; this was just outside the marked trendline resistance but a slight breakout from the short-term triangular pattern.

Weekly close occurred at ~3200 which was just enough to trigger MACD divergence. This is a good sign for potential reversal.

Current consolidation is indicated at 3k which was to be expected due to long-term criticality.

Note that due to the volatility of this dip, price also comes close to the intersection of 3k and current long-term support trendline. A bit more sideways action would have set us in a position where long-term support acted as a close for 3k (crossover). This could still occur on a reversal attempt, it just doesn’t help for the current situation.

Also be aware that the lines are still an estimate; similar to the cycle test zone (solid purple) there may be a buffer.