Usman Salis
⬤ Ethereum's been hanging out around the $2,943 mark lately, taking a breather after pulling back from its early December highs. Right now, it's sitting in what traders call the "decision zone" – basically a technical area where the price could either bounce back up or slide down further. The interesting part is that ETH has drifted into a support band highlighted on the chart, and everyone's watching to see if buyers will step in here.
⬤ Looking at the technical picture, Ethereum's hovering just above the 0.618 Fibonacci level at $2,888 – that's a spot where crypto often finds support. Below that, there's another safety net around $2,776, and if things get really dicey, there's a stronger support zone sitting between $2,716 and $2,623. On the flip side, if ETH catches a bid and starts climbing, traders are eyeing resistance levels at roughly $3,164, $3,291, and $3,447.
⬤ The real question traders are asking is pretty simple: can Ethereum hold these support levels and start building upward momentum? Recent price action shows ETH gradually testing this zone without breaking down hard, which could be a decent sign. But it's also been struggling to push cleanly above $3,100, so we're basically in wait-and-see mode.
⬤ Why does this matter? Ethereum's the second-biggest crypto by market cap, so when it moves, the whole sector tends to pay attention. A solid bounce from current levels would suggest buyers are comfortable stepping in below $3,000, which could spark broader optimism. But if ETH breaks through these supports and heads lower, it'll signal the correction's still got legs. For now, all eyes are on how price behaves in this critical technical zone.
Usman Salis
