Peter Smith
⬤ Ethereum is holding near a crucial demand zone after sliding from above $3,500, currently trading around $2,800. Despite the unattractive price action and weak market sentiment, buyers are starting to show up at these levels. The overall trend remains downward, but the market has compressed into this support area without any dramatic selloff.
⬤ Price action has been messy lately, with ETH repeatedly getting rejected around $3,200–$3,300. The coin hasn't been able to push higher, but trading volume hasn't spiked either—suggesting this pullback isn't driven by panic or forced liquidations. Sellers are present, but they're not overwhelming the market.
⬤ Technical indicators paint a cautious picture. The RSI has dipped into the low 30s, signaling oversold territory without showing full capitulation. Volume remains relatively light compared to previous selloffs, meaning selling pressure is still under control. The $2,800 zone has emerged as a short-term stabilizing point and will be critical for determining what comes next.
⬤ This moment matters for Ethereum's near-term direction. If support holds, it suggests demand is absorbing supply despite the negative mood, which could set up a potential recovery. But if $2,800 breaks, downside risk increases significantly. Right now, ETH is at a crossroads, and traders are watching closely to see whether stability continues or further weakness takes over.
Peter Smith
