Peter Smith
⬤ Ethereum has been stuck around $3,000 lately after dropping hard from where it was trading earlier this quarter. Right now, ETH is moving in a tight range, and this price zone is basically where the market is deciding what comes next. The daily chart keeps showing price bouncing around this same level, which tells you it's pretty important for figuring out where things go from here.
⬤ ETH was trading above $3,800 not long ago before it crashed through several key levels between roughly $3,200 and $3,900. Those levels used to hold price up as support, but now they're acting as resistance—basically walls keeping price from going higher. After the selloff, Ethereum found some footing around $2,700 to $2,800 before pushing back up toward the $3,000 area where it sits now.
⬤ From here, there are two clear possibilities. If Ethereum can push and hold above $3,000, the next target would be that $3,200 resistance zone where previous support flipped. But if it gets rejected here, we're probably looking at a drop back down to the $2,700-$2,800 range where buyers showed up before. The chart shows both paths pretty clearly, and right now it's just sitting in the middle waiting for direction.
⬤ This matters because Ethereum usually moves alongside the broader crypto market, so what happens here could affect overall momentum. A clean break above $3,000 would probably boost sentiment in the short term, while failing to hold could mean more volatility and downside pressure. With ETH wedged between these key zones, whatever happens next is likely to set the tone for the near future.
Peter Smith
