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Published: 29 April 2026,07:49
Chart The Market
ETH, H4:
Ethereum is losing bullish momentum and showing early signs of distribution, with price repeatedly rejecting a key resistance zone. The most important development here is the multiple rejections around the 2,370–2,400 area highlighted by the circled wicks, signaling strong supply overhead. Despite the prior uptrend within the ascending channel, price has now broken structure and is consolidating below resistance, indicating a shift from trend continuation to range behavior.
Price is currently hovering around 2,310, sitting just below the 2,315 pivot zone. A sustained break below this level could trigger further downside toward 2,190, followed by 2,130. The loss of the rising trendline adds weight to the bearish scenario.On the upside, resistance remains firm at 2,370–2,400. Only a clean breakout and hold above this zone would invalidate the current weakness and re-establish bullish continuation.
Momentum indicators are mixed but leaning bearish. The RSI is fluctuating around the mid-40s to 50, showing lack of strong buying pressure, while the MACD remains slightly negative with flat momentum indicating indecision but with a downside tilt. Overall, ETH is transitioning from an uptrend into consolidation with bearish risk, and unless resistance is reclaimed, the bias favors a gradual move lower.
Resistance Levels: 2315.00, 2380.00
Support Levels: 2190.00, 2130.00
GBPJPY, H4
GBPJPY is testing a key resistance zone after a strong bullish run, with price compressing just below the 215.90 area. The most important development here is the formation of an ascending structure, with price respecting a rising trendline while repeatedly testing horizontal resistance. This creates a potential ascending triangle, typically a bullish continuation pattern but only if resistance breaks.
Price is currently hovering around 215.70, just beneath the resistance ceiling. A clean breakout above 216.00 would likely trigger further upside, opening the path toward 217.00 and higher, as there is limited structure above this level.However, failure to break higher could lead to a pullback. Immediate support sits at 214.00, followed by 212.00. A breakdown below the ascending trendline would weaken the bullish structure and shift momentum toward a deeper correction.
Momentum indicators are showing early signs of exhaustion. The RSI is trending lower despite price holding near highs, indicating bearish divergence. Similarly, the MACD is flattening and drifting lower, suggesting that bullish momentum is fading.
Overall, GBPJPY is at a decision point that a breakout above resistance would confirm continuation, while rejection could trigger a short-term pullback as momentum weakens.
Resistance Levels: 215.90, 217.00
Support Levels: 214.00, 212.00
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