Usman Salis
⬤ Ethereum is clinging to a crucial technical support level after weeks of market turbulence. The crypto is currently stabilizing around $3,000 following a sharp pullback from recent highs, managing to preserve what could be a higher-low pattern—at least for now. While ETH hasn't completely broken down yet, the bigger picture is looking shaky, and traders are watching this zone closely.
⬤ On the weekly chart, Ethereum is testing a key support band after getting rejected near the $3,800-$4,000 range. The higher timeframe structure has taken serious damage, with one analyst bluntly noting the outlook is "completely cooked." Still, as long as ETH holds above this current level, there's what he calls a "sliver of hope" for bulls. If support fails, there's a deeper zone marked on the chart where price could eventually find buyers—but that would mean accepting significantly lower levels first.
⬤ Even though the support hasn't cracked yet, the setup isn't compelling enough to attract new bullish positions right now. If this higher-low gives way, Ethereum's technical situation would likely deteriorate fast, potentially confirming a broader breakdown. The uncertainty reflects what's happening across the entire crypto market, where sentiment keeps shifting and liquidity has been all over the place lately.
⬤ Why this matters: Ethereum is still one of the most important assets in crypto and often sets the tone for how altcoins perform. If ETH can hold here and stabilize, it might help restore some confidence after the recent volatility. But a clean break below current support would probably trigger more caution and put pressure on the broader market, making this price zone critical for Ethereum's next move.
Usman Salis
