Usman Salis
⬤ Ethereum's trading at a decisive level as it approaches the $3,040 resistance—a threshold that's repeatedly held price back over recent sessions. The market's trying to stabilize after bouncing from last week's lows, with ETH now pushing into a cluster of local resistance that could define its next major move. This is a make-or-break moment, mirroring the structure we've recently seen in Bitcoin as both assets retest significant daily barriers.
⬤ The near-term picture is straightforward: ETH needs to hold and gain above $3,040 to activate bullish continuation. Right now, Ethereum's developing what traders call "ugly highs"—uneven price action that hasn't produced a convincing higher-time-frame reversal yet. For a confirmed flip of the broader downtrend, ETH would need to push toward the stronger $3,230 resistance, which serves as the higher breakout trigger. If upside momentum strengthens, possible targets include $3,140 and eventually $3,200.
⬤ There's also a bearish scenario if Ethereum can't sustain pressure above current resistance. If price rejects sharply from this zone, short setups become reasonable. A pullback toward the $2,950 support box remains valid, with that region serving as a potential long entry after signs of reversal appear. Should ETH break below roughly $2,900, downward momentum is expected to accelerate with a potential move toward the lower range near $2,800.
⬤ This moment matters because Ethereum's testing a region traders widely view as the dividing line between renewed strength and continued compression. A successful breakout could reinforce sentiment across the broader crypto market, especially given Ethereum's tendency to act as a secondary trend driver behind Bitcoin. On the flip side, rejection from current levels could maintain the broader consolidation and keep volatility elevated. How the market reacts around $3,040 and $2,950 will likely shape Ethereum's short-term trajectory and influence risk appetite across major altcoins.
Usman Salis
