Peter Smith
⬤ Ethereum is holding firm above a significant support region after a sharp weekly drop, with price trading around $2,820. ETH is positioned directly at a strong confluence of the Macro Key Zone, the Local Key Zone, and the 200-week EMA. This area has historically acted as a major structural base, and the latest pullback has brought price back to the same region where buyers previously stepped in and regained control.
⬤ The current market structure shows that ETH remains supported as long as the highlighted zones continue to hold. The Macro Key Zone, drawn from long-term multi-year price reactions, lines up with the Local Key Zone, adding extra weight to this support cluster. The 200-week EMA sits just beneath these levels and reinforces the long-term uptrend context. If Ethereum can maintain its footing within this area, it may attempt a rebound toward the $3,000 threshold.
⬤ Over the past week, ETH dropped nearly 8%, but its interaction with this confluence of support keeps bullish expectations alive. The illustrated trajectory on the chart shows a potential upward curve pointing toward the $3,200 area, indicating that a reversal is still on the table if momentum shifts. The market structure suggests that reclaiming short-term resistance levels would strengthen the bullish outlook, while a break below this confluence could flip the medium-term setup.
⬤ This technical moment matters for the broader market because Ethereum often acts as a trend anchor for the altcoin sector. A sustained bounce from this cluster could restore confidence and stabilize sentiment across crypto assets. The reaction at this multi-layer support zone will likely shape price behavior in the coming weeks.
Peter Smith
