Looking at the current $ETH /USDT chart on the 6-hour timeframe, Ethereum appears to be in a corrective phase after a solid bullish run. The price peaked near 3,941 before falling to a recent low around 3,354. Despite the recent dip, ETH is attempting to hold above the 200-period moving average, which is acting as dynamic support near the 3,480 region.
Currently, ETH is trading around 3,462, just below the short-term 7-period MA (yellow) and the 25-period MA (pink). These moving averages are sloping downwards, suggesting that short-term sentiment is still bearish. However, the fact that price is now trying to stabilize around the 200 MA could indicate a potential base-building process is underway.
Volume also shows signs of cooling after the aggressive sell-off. Buyers are beginning to step in, but not aggressively yet. The recent candlesticks are printing shorter bodies with long wicks, signaling indecision in the market — a classic sign of a tug-of-war between bulls and bears.
The key levels to watch in the coming sessions will be the psychological 3,500 mark and the nearby resistance at 3,685 (which aligns with the 25-period MA). If ETH can close convincingly above those levels, it would open the door for a rebound toward the 3,900–4,000 range. On the downside, a break below the 200 MA and sustained movement under 3,450 could drag the price back toward 3,134 or even the 2,849 zone.
In essence, Ethereum is hovering at a decisive level — it’s not yet bullish, but it’s no longer in full breakdown either. The next few candles will tell whether this is just a pause in a downtrend or the start of a new leg upward. Traders would be wise to stay patient and wait for stronger confirmations before making aggressive moves.
