Ethereum’s price action is showing signs of exhaustion after testing a key supply zone. Over the past few sessions, ETHUSD pushed into the $3,150 – $3,250 resistance area, where sellers have consistently stepped in over the past few weeks.
📉 Technical Outlook
Supply Zone: The $3,150 – $3,250 range has acted as a major sell wall, with multiple rejections in recent history.
Candlestick Signals: Recent 4H and daily candles show upper wicks, indicating profit-taking and aggressive short positions in that zone.
Momentum Indicators: RSI is turning down from overbought territory, hinting at a possible cooling phase. MACD is also flattening, suggesting a slowdown in bullish momentum.
⚠️ Potential Pullback Levels:
If sellers maintain control, Ethereum could see a short-term correction toward:
$3,050 (minor support)
$2,950 (major demand zone and 50-day EMA support)
Deeper correction could revisit $2,850 if bearish pressure increases.
💡 Bullish Perspective:
The broader trend remains bullish as long as ETH holds above the $2,850 support. A clean breakout and daily close above $3,250 could open the path toward $3,400 – $3,500 in the medium term.
📊 Trading Insight:
For short-term traders, this could be a range-trading opportunity — selling near the supply zone and buying back at lower supports. Swing traders may wait for a confirmed breakout before positioning for the next leg higher.