Ethereum (ETH) is striving to stabilize between $2,900 and $2,950 after a significant drop from the $3,300 region. This price range is considered a key psychological and technical level. Chart analyses suggest that maintaining this range could open pathways for a bullish move, while slipping below could elevate bearish risks.
Why is the $2,900 Level So Integral?
An analyst from Bitcoinsensus views Ethereum’s current setback as the “Last Point of Support” (LPS) using the Wyckoff accumulation model. This phase is when prices consolidate strength for a future uptrend after protracted lateral movement. Past phases like the selling climax, rally, and secondary test underline a broader consolidation phase projected between 2022 and 2024.
The area just under $3,000 reflects patterns similar to early 2025, suggesting that holding this support might initially lead prices to the higher band of the current range. A subsequent “Sign of Strength” (SOS) could push prices beyond $5,000. Yet, the mid-$4,000 range presents a historical resistance.
3,300 and 3,600 Dollar Levels: How Significant Are They?
A daily ETH/USDT chart shared by That Martini Guy emphasizes a short-term view. Here, $3,300 appears as the key resistance, with $3,600 as a secondary level where selling pressure becomes pronounced. On dips, the area just over $2,900 is under test, and a rebound might drive prices back to mid-range levels.
The expert notes that sustained closing prices above $3,300 could propel Ethereum towards $3,600. Conversely, breaching below $2,900 might redirect attention to the $2,800 support. This current setup suggests Ethereum is at a “decision point” regarding its future trajectory.
Apart from these technical insights, the rising interest in US spot Ethereum ETFs is sparking conversations. Certain funds are preparing to incorporate staking yields, potentially bolstering ETH demand over the medium term.
Several key takeaways include:
- Consistent maintenance above $2,900 is crucial for bullish sentiment.
- Institutional interest in Ethereum ETFs could affect medium-term demand.
- The $3,300 resistance level is pivotal for a potential rally.
Ethereum is at a delicate point where technical indicators and market fundamentals converge. Holding above $2,900 could reinforce confidence among stakeholders, but falling below may introduce a more guarded market outlook.
