Eseandre Mordi
⬤ Ethereum is trading below its yearly open after a recent pullback, with price action showing consolidation rather than a clear reversal. The ETH swing long remains open but underwater, with traders watching for a potential dip below the yearly open followed by a reclaim. The chart shows ETHUSDT stabilizing around $2,900 after slipping below the yearly open, which marks a critical reference point.
⬤ The yearly open sits at the center of the current structure. Price dropped below this level but hasn't established acceptance above it, leaving Ethereum in a shaky short-term spot. A reclaim of the yearly open would signal that recent selling pressure has run out of steam. Until that happens, ETH stays in correction mode, with the yearly open now acting as resistance instead of support.
⬤ The chart also marks $3,200 as major resistance. Ethereum has failed to break and hold above this level for over two months, with repeated rejections making it a stubborn barrier. The price structure suggests that reclaiming $3,200 would push the market out of its current range and open the door for a bigger move higher.
⬤ This setup matters for the broader crypto market because Ethereum often mirrors shifts in overall sentiment. Trading below the yearly open signals caution and sideways action, while a decisive break above both the yearly open and $3,200 would mark a real shift in momentum. As ETH remains range-bound beneath key resistance, all eyes are on whether these levels get recovered or if consolidation drags on.
Eseandre Mordi
