Eseandre Mordi
⬤ ETH's been moving sideways lately without much action in either direction. Ethereum keeps bouncing around in a tight range as buyers try to put in a bottom. Here's the thing though – price keeps getting rejected below that $3,072 mark, which traders are watching as the make-or-break level for what happens next.
⬤ Bulls are showing up, but they haven't proven anything yet. While there's clear buying interest trying to defend the current levels, ETH hasn't managed to punch through resistance or deliver that breakout everyone's waiting for. The analysis points out we could still see another dip as part of the current wave structure, meaning a lower low wouldn't be surprising given how things look right now.
Bulls are trying to form a low, but we need to see price reclaim $3,072 before we can talk about a real structural change.
⬤ That $3,072 level is everything right now. Breaking above it would be the first real signal that Ethereum's ready to start a meaningful recovery. Until that happens, ETH's basically stuck in neutral – bouncing around without committing to either direction. The charts show repeated rejections at resistance with bulls unable to generate enough momentum for follow-through.
⬤ This consolidation shows the market's still trying to figure out what's next. Traders are sitting on the sidelines waiting for clearer signals before making big moves. As long as Ethereum stays below $3,072, expect more of this range-bound action where neither bulls nor bears have full control.
Eseandre Mordi
