Ethereum entered a technical zone that traders had been monitoring closely after Crypto-ROD shared a detailed intraday chart showing an ABC corrective structure and a projected downside extension. The chart, posted on Nov. 15, displayed a developing rebound pattern after a sharp decline, suggesting that ETH could form a temporary move into the fair value gap before another drop emerges.
The chart showed a steep decline that pulled ETH toward intraday lows before a three-drives pattern appeared near the lower range. The pattern formed three consecutive swing lows, which marked a potential shift in short-term momentum. The structure aligned with a wedge formation, adding further visual clarity for traders watching the setup.
A labeled sequence of points '1,' '2,' and '3' sat near the wedge base, indicating where the price reacted during the decline. The final reaction occurred at the 'EQ lows' level, which marked the third and last drive into support. This level attracted attention since the pattern has historically preceded short rebounds.
Traders observing the formation considered whether ETH would extend this bounce into the next liquidity zone.
The chart highlighted a large fair value gap area above the bounce zone. This region was positioned between approximately $3,280 and $3,360 on the displayed chart and was marked prominently as 'FVG.' The ABC structure projected by Crypto-ROD indicated that ETH could retrace upward into this zone before showing fresh weakness.
Point 'A' marked the initial bounce from the wedge, while point 'B' indicated a pullback expected before a stronger move toward point 'C.' The projected move showed ETH entering the FVG zone and forming several smaller waves within the highlighted region.
Each wave inside the zone was drawn to reflect reactive intraday volatility. The anticipated reaction from point 'C' showed a downward turn on the chart, which suggested that any rebound into the FVG could be short-lived.
After the ABC structure, the chart displayed a steep projected decline extending below the previous support area. The path drew ETH moving lower in multiple legs as sellers regained control. The final projection extended toward levels near $3,000, where the chart ended with another low-forming sequence.
Traders responding online debated the likelihood of this move. One user noted a possible level at $2,900 that needed confirmation. Another asked whether the current structure signaled exhaustion. The chart itself offered only structural projections rather than directional certainty, giving market participants room to interpret the path.
The setup raised a crucial question: Will ETH complete the ABC bounce before returning to new lows? The conversation continued across the thread as traders assessed the structure drawn before price action unfolded.
Ethereum moves within a clear ABC structure as traders watch the fair value gap and the three-drives pattern for direction. The chart suggests a potential bounce before renewed downside. Traders may monitor these technical zones closely to determine whether momentum shifts or further weakness develops.
Related: Ethereum Reserves on Exchanges: What You Need to Know About the Current State
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