Marina Lyubimova
⬤ Ethereum's been trading in the same tight spot for days now, bouncing around the high $2,800s to low $2,900s without making any real moves. The price is basically stuck in what traders call a micro support zone—not crashing, but not exactly going anywhere either. Right now, it's more of a waiting game than anything else.
⬤ Looking at the shorter timeframes, ETH keeps bumping into the same support area it's tested before. The chart shows some clear Fibonacci levels lining up underneath current prices, which helps explain why it's holding here. But here's the thing: it hasn't broken out in either direction yet. It's just sitting there, coiling up in this consolidation pattern.
A move above $2,975 remains the first signal that a local low may be forming, according to the analysis.
⬤ The resistance overhead is pretty straightforward—$2,975 is the number everyone's watching. If Ethereum can actually punch through that level, it'd be the first real sign that buyers are taking control and a short-term bottom might be in. Until then, the upside is capped and the market's still stuck in neutral. No reversal confirmed yet, just more sideways action inside a corrective phase.
⬤ This matters because Ethereum often reflects what's happening across the wider crypto market during these quiet periods. The fact that it's holding support shows sellers aren't pushing hard, but the failure to break $2,975 keeps things uncertain. Traders now have a clear line in the sand to watch—how ETH reacts around that resistance will likely decide where it heads next.
Marina Lyubimova
