Usman Salis
⬤ Ethereum just lost a two-month uptrend that had been keeping things steady since late November. ETH slipped below the rising support line and is now having a tough time climbing back above it. That's a pretty clear signal that the bullish energy we saw through December has cooled off, leaving Ethereum in a tricky spot technically.
⬤ Looking at the ETH/USDT daily chart from Binance, you can see the price dropped through that ascending support line and headed down toward the $2,950–$3,000 zone. That's where it's hanging out right now. The problem? That old trendline has flipped into resistance, and ETH keeps bouncing off it without breaking through. Buyers just aren't showing up with enough force after losing that support structure.
⬤ Recent candles show more choppiness and failed bounce attempts. Ethereum hasn't collapsed into a deeper sell-off yet, but it's also not reclaiming lost ground quickly—which tells you bulls are losing their grip. That ascending support had been tested multiple times before breaking, so losing it isn't a small deal. Now ETH bulls need to defend current support levels and figure out how to build momentum back up.
⬤ This matters beyond just Ethereum. ETH often sets the tone for the broader crypto market, so if it can't get back above that broken trendline soon, it could keep other altcoins cautious too. But if buyers do manage to push it back above? That would flip sentiment pretty fast and help stabilize things short-term. With ETH sitting right below a key technical line, what happens next could shape where the market heads in the coming weeks.
Usman Salis
