Peter Smith
⬤ Ethereum's been holding steady after absorbing weekend liquidity, now trading in a well-defined range around the $2,900 mark. Following a sharp bounce from the recent $2,787 low, ETH has settled into consolidation mode. What's interesting here is that Ethereum currently looks stronger than Bitcoin on higher timeframes, which suggests the bullish setup isn't ready to flip bearish just yet.
⬤ There are basically two paths forward from here. The upside scenario involves ETH pushing up to sweep that $2,957 weekly high—a clear liquidity grab zone. If price takes out that level and breaks market structure, we'd see confirmation of continued strength. But here's the catch: even if it sweeps that high, a rejection could still send things lower. So this zone isn't just a target, it's a decision point.
⬤ The flip side centers on $2,890, which marks a critical market structure level. If ETH loses this support decisively, it would confirm a structural shift and open up short opportunities on any retest. Below that, there's an imbalance zone around $2,830 that could act as a magnet for price. That level might also be where bulls step back in rather than watching it fall straight through.
⬤ Ethereum's coiling between clear technical boundaries, and when price breaks out of tight ranges like this, volatility tends to spike. How ETH resolves this setup—whether by taking the weekly high or cracking market structure—will likely set the tone for the broader crypto market in the short term.
Peter Smith
