Ethereum Breaches $4,600 — Watch for Further Pullback
I see Ethereum sliding below $4,600 as a clear short-term setback: a key support level has been breached and momentum favors sellers right now. Volume on the move and a weakening RSI suggest the decline has conviction.
Unless ETH quickly reclaims $4,600 with convincing volume, I expect further downside toward the $4,200–$4,400 area where demand has shown up previously. On-chain outflows and cautious macro sentiment increase the probability of a deeper pullback.
I'm staying cautious and watching price action closely. I will consider buying only on a confirmed reversal or staged buys on weakness with predefined stop-loss levels to manage risk.
Analysis
Technically, the break of $4,600 on rising volume and weakening momentum points to near-term continuation lower; on-chain outflows and macro risk add weight to a cautious outlook.
Recommendation
Watch price action: wait for a reclaim of $4,600 or consider staged buys on weakness near $4,200–$4,400 with tight stops; avoid aggressive long positioning until a clear reversal is confirmed.
Disclaimer
The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.