Peter Smith
⬤ Ethereum has been stuck in neutral gear after tumbling from higher levels, with buyers and sellers battling it out around some key price zones. The cryptocurrency is having trouble pushing back above $3,000, which has become the line in the sand for where things might head next after the recent drop.
⬤ Looking at the daily chart, ETH got rejected hard from the $3,800-$3,900 area before sliding through several support levels. Right now, it's bouncing around below $3,000, caught between resistance around $3,200-$3,300 and support closer to $2,800. The way price keeps reacting at these same levels shows ETH is clearly stuck in a range rather than picking a direction.
⬤ The chart shows several layers of support and resistance that keep guiding where price goes. That $3,000 level is sitting right in the middle as the key pivot point - it used to hold price up, but now it's keeping it down. If ETH can't get back above this area, there's real risk of dropping to that lower support zone near $2,800. There's even deeper support marked around the mid-$2,500s if selling really picks up.
⬤ This matters for the broader crypto market because Ethereum tends to set the tone for overall sentiment. When a major coin like ETH just trades sideways, it shows the market is stuck between fear and greed, trying to figure out what comes next. How Ethereum handles this $3,000 battle could spark the next big move and either restore confidence or trigger another wave of selling across digital assets.
Peter Smith
