ETH - $2,380 Still in PlayEthereum / TetherUSBINANCE:ETHUSDTVIAQUANTPlease refer to this previous idea for more context: On the daily chart, I wanted to outline just how critical the $2,380 level really is. With yesterday's close, this marked the 5th significant rejection from this level (yellow circles). The only time price broke this structure was on April 17th, when price closed above $2,380 for the first time since January 31st. However, the very next day price immediately retraced and reclaimed back inside the established range, creating a false breakout and signaling that ETH was still likely to trade within its normal range. So far that is exactly what has happened, as the two most recent tests of the $2,380 level have seen rejection yet again. The main thing I am watching for at this point is Bitcoin's short-term structure to break. If and when that occurs, ETH should accelerate back to the downside toward at least the $2,150 level and potentially lower depending on how Bitcoin's structure develops at that time. I will be making a follow up post outlining Bitcoin's structure next.