ETH: Van de Poppe Flags $2370 Break for Reversal

Michaël van de Poppe reports the first support level on $ETH has been hit. A higher low similar to Bitcoin followed by a break above $2370 could trigger a reversal phase, while failure to attract buying pressure puts the $2200 zone under watch as the next critical hold.

Price action sits at $2331.96 inside the Bollinger Bands with the upper resistance at $2433.18 and lower support at $2316.33. The EMA50 at $2405.26 and EMA200 at $2492.8 both act as overhead resistance in the prevailing bearish structure, while the MACD death cross at -22.66 confirms trend weakness and RSI(14) at 37.41 leaves room before oversold territory.

With price probing the lower Bollinger Band near $2316 while the 50-EMA caps upside at $2405, any bounce risks stalling unless momentum shifts above the $2370 trigger; sustained trading below that confluence favors a test of the $2200 level before meaningful recovery develops.