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Published: 8 July 2026,07:02
Chart The Market
ETH, H4:
Ethereum has generated a strong bullish signal after breaking above its descending trendline resistance, with the cryptocurrency rallying by approximately 10% following the breakout. The move initially suggested that buyers had regained control of the market and that a short-term trend reversal was underway.
However, the bullish momentum has begun to fade as ETH approached the key psychological resistance level at $1,800. The inability to sustain its upward momentum at this level has led to a period of consolidation, indicating that buyers and sellers are currently in balance as the market searches for its next directional catalyst.
The latest price action shows Ethereum testing the lower boundary of its consolidation range. This support level is now critical, as it will likely determine whether the recent breakout can be sustained or whether the market is preparing for a deeper correction.
A decisive break below the lower boundary of the range would invalidate the recent bullish structure and signal a bearish trend reversal. Such a move would indicate that sellers have regained control of the market, potentially triggering a deeper pullback and erasing a significant portion of the recent gains.
Conversely, if ETH successfully defends the lower boundary and rebounds, the current consolidation could be viewed as a healthy pause within the broader recovery. A renewed move above the $1,800 psychological resistance would strengthen the bullish outlook and increase the likelihood of another leg higher.
Resistance Levels: 1845.90, 2008.35
Support Levels: 1692.50, 1556.50
XAGUSD, H4
Silver saw its recent bullish rally lose momentum after encountering strong selling pressure near the key liquidity zone at $62.50. The rejection from this critical resistance area suggests that buyers were unable to sustain the upward move, allowing sellers to regain control of the market.
Following the rejection, silver has begun to form a series of lower highs and lower lows, signaling a deterioration in its short-term market structure. This shift in price action indicates that the recent recovery has likely come to an end and that the metal may be entering a new bearish phase.
The formation of a descending channel further reinforces the negative outlook, highlighting the return of sustained selling pressure. As long as silver continues to trade within this downward-sloping channel, the broader technical bias is expected to remain tilted to the downside.
From a technical perspective, the rejection at the $62.50 liquidity zone is a significant bearish signal. The inability to break above this resistance suggests that the recent rally was corrective in nature rather than the start of a sustained bullish reversal.
Should the current downtrend persist, silver is likely to revisit its previous support level near $56.70. This level represents the next key downside target and will serve as an important area to watch for signs of renewed buying interest or a potential technical rebound.
Resistance Levels: 61.60, 65.30
Support Levels:56.70, 52.80
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