Artem Voloskovets
⬤ Ethereum's been stuck in correction mode since falling below its yearly open, now consolidating around $2,900 on the daily chart. The current swing-long setup is underwater but hasn't confirmed a full breakdown—price is just testing support after dipping below the yearly open before trying to stabilize.
⬤ That yearly open at $3,037 has been a major technical pivot all year long. ETH briefly dropped under it but quickly steadied, showing how important this level is for market structure. Meanwhile, $3,200 has been a brick wall for more than two months, rejecting every rally attempt. Until Ethereum breaks above this resistance, it's basically trapped in a holding pattern rather than starting any real uptrend.
⬤ The bullish case depends entirely on reclaiming both the yearly open and that stubborn $3,200 zone. If ETH can push through and hold above $3,200, the swing structure flips positive and opens up room for a genuine rally. The next major target sits around $4,400 if resistance finally gives way.
⬤ What happens at these levels matters because they'll determine whether this dip was just a shakeout or the start of something worse. Breaking back above $3,200 would signal strength and improve odds of a higher timeframe recovery. Failing to reclaim it keeps Ethereum range-bound and exposed to more chop. The next move around these prices will likely set the tone for ETH's direction over the coming weeks.
Artem Voloskovets
