Altcoin Piooners

$ETH Neckline: A horizontal line drawn around the $2,500–$2,600 level, which appears to act as a support/resistance zone. This is a critical level where the price has interacted multiple times, suggesting it could be a decision point for future movement.

Wyckoff Check: This term is associated with the Wyckoff Method, a technical analysis approach that identifies accumulation or distribution phases. The chart highlights two "Wyckoff Check" zones:

The first is near the peak (around $4,300), indicating a potential distribution phase where selling pressure increased.

The second is after a sharp decline, suggesting a possible accumulation phase where buyers might be stepping in.

Continuation: Labeled on the right side of the chart, this suggests the analyst expects the current price action to continue either upward (if a reversal is forming) or downward (if the bearish trend persists).

Key Levels to Watch:

Support: $1,800–$1,900 (current level).

Resistance: $2,500 (neckline), $3,000, and $4,300 (previous high).

Bearish Case: The break below the neckline and the sharp decline suggest continued bearish pressure unless the price reclaims and holds above $2,500. The current level ($1,877.32) is significantly below key moving averages, reinforcing a downtrend.

Bullish Case: The Wyckoff Check and stabilization near $1,877.32 could indicate accumulation. If the price breaks above the neckline with strong volume, it might signal a reversal or continuation of an uptrend toward higher Fibonacci levels (e.g., $3,000–$3,500).