Peter Smith
⬤ Ethereum has settled into consolidation mode after dropping sharply earlier this week, now trading in a clearly defined range between support and resistance. The $2,980 mark stands as the critical level to watch—bulls need to push above this threshold before considering long positions. Price action on the two-hour chart shows ETH holding steady above the $2,900 support zone while struggling to break through overhead resistance.
⬤ The recent selloff saw Ethereum tumble from above $3,200 before buyers stepped in near the range's lower boundary. Multiple candles with long lower wicks show strong demand emerging around support levels, while repeated rejections at $2,980 confirm sellers are still active at resistance.
⬤ Looking at the bigger picture, ETH seems to be catching its breath after the recent downside pressure. The current range lines up with previous intraday reaction zones, making these levels technically meaningful. While short-term momentum stays neutral, the lack of follow-through selling below support suggests bearish pressure has cooled off. Still, that $2,980 resistance keeps capping every rally attempt, keeping price locked in its current box.
⬤ This setup matters for the wider crypto market since Ethereum often reflects overall sentiment. A confirmed push above $2,980 would signal improving confidence and potentially open the door to higher levels, while failure to reclaim resistance might extend the sideways action or invite another downside leg. With ETH squeezed between these key technical levels, the next decisive move will likely set the tone for short-term direction across digital assets.
Peter Smith
