Peter Smith
⬤ Ethereum entered consolidation mode following its bounce from recent lows, with price now stuck in a sideways pattern. The token reclaimed ground after the pullback but ran out of steam near resistance in the low-to-mid $3,300s. The market's basically building out a range first before making its next real move.
⬤ The price keeps getting rejected around that $3,300 zone while printing higher lows underneath—classic range behavior. Bulls managed to establish solid footing on the recovery, but couldn't push through overhead resistance. At the same time, dips keep getting bought up before reaching prior lows. ETH's essentially trapped between ceiling and floor right now.
⬤ There's a clearly marked demand zone sitting below current levels that's held up through multiple tests. ETH continues floating above this area, showing buyers are still present even without a breakout materializing. Volume's cooled off compared to the initial bounce, which makes sense—the market's digesting volatility rather than picking a direction. No clean breakdown or breakout setup visible yet.
⬤ This structure matters because it shows Ethereum's found stability after getting hit hard. Holding higher lows while ranging means selling pressure's eased, even if bulls can't break through yet. As long as ETH stays above that defended support zone, this range-bound action continues—setting things up for the next expansion once the market picks a direction.
Peter Smith
