📊 Ethereum (ETH/USD) Weekly Analysis (as per the chart provided)

• Current Price: $2,592

• Trend: Attempting recovery after a major pullback.

🔑 Key Observations:

1. Major Resistance Levels:

   • $2,800 – $3,200: Strong supply zone with multiple past rejections.

   • Significant congestion below $4,000, which capped previous bull runs.

2. Immediate Support Levels:

   • $2,558 (first level support—near-term stability).

   • $2,535

   • $2,403

   • Stronger support sits at:

     • $2,275 (volume cluster + structural).

     • POC: $1,642—This is the historical Point of Control where most trading activity has occurred.

3. Bearish Risk Levels (Downside Targets):

   • If the current bounce fails, price could revisit:

     • $1,600

     • $1,200

     • Extreme bear case: sub-$1,000 zone (unlikely unless a market-wide crash).

4. Chart Patterns:

   • Multiple M-shaped double tops and W-shaped double bottoms suggest a volatile but well-respected pattern structure.

   • Current recovery is from a higher low compared to previous major lows (positive for bulls).

5. TD Sequential & Elliott Wave:

   • Several TD 9s and 13s are visible, signaling potential exhaustion in both directions.

   • The current upward move looks like it could be Wave 3 or Wave 5, but still within a broader corrective context.

6. Fibonacci Levels:

   • Fib retracements show key levels aligned with historical price congestion zones.

   • The risk of a move back towards 61.8% retracement (near $1,200–$1,600) is still present unless bulls reclaim higher levels.

7. Volume Profile:

   • Heavy accumulation noted between $1,500 – $2,200.

   • Above $2,600, there’s less volume resistance, allowing faster upward movement if broken.

8. Moving Averages:

   • Price is currently:

     • Slightly above or testing the 50-week MA.

     • Below the 100-week MA and well below 200-week MA.

   • These MAs could act as dynamic resistance unless convincingly broken.

📈 Scenarios Ahead:

📌 Summary Takeaways:

✅ Bulls need to reclaim $2,800–$3,000 to signal a stronger uptrend continuation.
✅ Losing $2,275–$2,400 could open up risk towards $1,600–$1,200.
✅ Macro-level resistance near ATH zones (~$4,000) is still far off but will be the next big challenge.