Peter Smith
⬤ Ethereum is hovering near a pivotal support area after a sharp pullback, keeping traders focused on whether the market rebounds immediately or briefly dips lower before turning up. ETH has "two scenarios" - a bounce at support or a sweep of major support - and in both cases the broader path still points higher. That framing underscores how difficult timing a bottom can be when price action feels slow and directionless, even though the long-term structure remains intact.
⬤ The attached 3-day ETH/USDT chart (Binance) shows price recently sliding into the high-$1,800s, with the latest marked level around $1,828.70. Two rising pink trendlines labeled support and major support frame an ascending structure from 2022 onward, while a yellow horizontal band around roughly the $1,950 to $2,000 area is highlighted as a key level. Overhead, a separate yellow line labeled "major resistance" sits near the $4,800 to $5,000 zone, illustrating the ceiling that has previously capped major advances on the chart. The scenario work on the image is explicit: a dashed projection sketches a potential bounce from the current support area, while an alternate dashed path implies a brief sweep into deeper support before recovering. Both routes converge into a larger bullish trajectory, with a highlighted upside marker near $8,014.96.
⬤ This setup matters because Ethereum is trading at an inflection point where support integrity can shape broader crypto sentiment. If ETH holds the rising support structure, the market may shift from consolidation to renewed trend continuation toward the next resistance zones. If a sweep occurs first, volatility can rise, but the chart's framework still points to the same higher-resolution outcome. Focus now sits on confirmation around support and subsequent reactions near the major resistance ceiling. Related analysis has covered nearby dynamics, including Ethereum eyes bearish retest in the $1,950 to $2,000 zone, which aligns with the chart's marked band. Broader context on upside roadmaps has appeared in pieces such as Ethereum price news: Bulls eye $7K target.
Peter Smith
