The crypto market is currently at a critical juncture, and Ethereum (ETH) investors are a bit worried but hopeful. The ETH/USDT pair is currently trading around $2,988 on Binance's 4-hour chart — this level is not just a number, but a psychological landmark for the market.
1️⃣ Market Condition: Sideways or Crash Signal?
Ethereum faced rejection around $3,400 in the recent rally and has started to move downwards again. In technical terms, we refer to this pattern as "Lower Highs & Lower Lows." Now ETH is standing at a strong support zone — from here it will either rebound or the downward pressure will increase.
2️⃣ Key Support and Resistance Levels
Resistance Levels:
$3,077 – First major hurdle. If the price breaks above this, the next target could be $3,200 – $3,400.
Support Levels:
$2,800 – Solid floor. If the price bounces here, bullish momentum could return. However, if this level breaks, ETH may go lower.
3️⃣ The Scene of Volume and Momentum
The selling volume in the past few hours has been high, resulting in a -1.69% dip in price. It seems challenging to bring a bullish trend until a strong green volume spike occurs.
4️⃣ Trading Strategy: Buy or Wait?
Bullish Scenario: If ETH crosses and sustains above $3,000, it could create a strong buy signal.
Bearish Scenario: If the price drops below $2,900, it is better to wait a bit and consider entry at the $2,800 support.
⚡ Summary
Ethereum is currently in the “Wait & Watch” stage. The market appears a bit sideways and cautious. Traders should focus on the $3,000 psychological level. And yes, the crypto scene is always volatile, so do not forget to set a stop-loss.
