ETHUSDT wants to retest the supply zone
The price got a rejection from the supply zone as I told you in the previous analysis.
On the weekly timeframe , the price created a nice candle below the weekly structure and now the market is testing the 0.382 Fibonacci retracement .
On 4h timeframe, the price is testing the previous resistance as new support on 2800$
For a bullish scenario, the price needs to flip the 3k resistance with volume and confirmations, retest the supply zone as new resistance.
In the short term, we could see a new retest of the weekly area.
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.

