ETHUSD (ETHEREUM) ANALYSIS

 Hello traders, ETHUSD price rallied to a key supply level on H1, H4 and daily chart at 1996.38 & 1909.48 which was a daily BOS level and also is the origin of the previous drop to the daily and weekly demand level at 962.07 & 907.81. Price filled the 1st major range from supply to demand and back to supply. Price rallied into supply, formed strong rejection wicks on H1 & H4, candle close inside supply followed by a strong drop out of supply confirming the bearish sentiment.
Took sell entries during late NYSE at 1906.99 with SL at 1971.42. Setup taken is a rally base drop, a reversal setup and my target is at the next H1 & H4 low and demand at 1661.05 & 1565.54.

Price rallied back deep into supply at 1951.51 in 2 bullish candles then followed by a large bearish engulfing candle on H1 that closed below the 2 bullish candles. On H4, price formed a strong rejection wick, followed by candle close below supply and a drop away from supply to 1848.80, a 110 pips drop confirming the bearish bias. I anticipate a continuation of the drop to the previously called targets on H1 & H4 demand at 1661.05 & 1565.54.