$ETH - I’m still not a big fan of the market structure on the low-timeframes, but it is improving.

A couple of days ago, the price rejected at the lost high-timeframe support range marked in purple, aligning with the golden pocket between the 0.5 and 0.618 Fibonacci POIs, which I covered in some of my prior updates.

That said, the price tapped into the 1D Bull Market Support Band, a strong reversal spot over the last couple of months, and has since bounced off of it.

As long as the price continues to hold above this range, I believe the most likely outcome remains further upside from here, even if we see some short-term chop over the next couple of days.

However, if the price were to break below this level, that would be a clear sign of weakness.

In that case, I would look to hedge part of my spot holdings to mitigate the short-term downside risk, since that would open the door for a deeper pullback toward the high-timeframe support range marked in green.