Smart Money Is Watching This ETH Zone CloselyEthereum / TetherUSBINANCE:ETHUSDTunichartzEthereum broke down violently from a previous bull structure, losing a major support at around the $2.5K level. This broken structure then pushed the short term structure into bearish territory, causing price to sell off significantly all the way down to $1.8K. Price has since established a rising channel structure and has seen price recovery on higher lows and a degree of accumulation. It is currently trading around a mid-level resistance at around $2.3K, where price has been struggling. What to look for: Previous resistance support at the $2.3k - $2.5k levels is now flipping to resistance. Price is respecting a support uprising channel trend-line. The momentum is pushing higher, but is still not out of the woods of bearish momentum. Bull Case: We get a decisive breakout and sustain above $2.3K - $2.5k, which can potentially signal the start of a new bullish trend with targets higher. Bear Case: Price is rejected by the $2.3K - $2.5k resistance, which can push it down back to the uprising channel trend-line at around $2.0k - $2.1K. Final Thoughts: Ethereum has formed a recovering bull structure while trading underneath the resistance region and will require a confirmation breakout to continue further north. DYOR, NFA Appreciate you reading. If this helped, drop a like and follow for more analysis like this.