Usman Salis
⬤ Ethereum (ETH) continues trading within a narrowing descending triangle, with price action hovering near $2,800. Sellers are keeping the pressure on through a series of lower highs, while ETH clings to a key support zone. The market is clearly consolidating as it approaches the triangle's apex.
⬤ Each upward attempt has been met with weaker momentum, keeping ETH trapped between a downward-sloping resistance line and a repeatedly tested support floor. Recent candles are bunched together in this shrinking channel, showing volatility is drying up. Sellers remain in control, with ETH unable to reclaim higher ground despite several brief rallies and upward wicks.
⬤ The chart confirms what traders are seeing: continued pressure into the apex of the descending triangle. ETH sits below prior swing highs, and the pattern of lower highs backs up the bearish lean. Support has been tested multiple times, which often signals weakening demand when price action is this compressed.
⬤ Here's the thing: descending triangles typically lead to stronger directional moves once the compression breaks. How this pattern resolves could shift sentiment around Ethereum, especially as traders watch whether support holds under persistent selling. With ETH nearing the final stage of the triangle, market participants are on alert for any momentum shift that could set the next direction.
Usman Salis
