$ETH Analysis + Next Move šØš
$ETH is struggling to hold its ground today, trading just above the $2,900 mark as it faces its potential fifth consecutive month in the red. Despite a brief recovery wave, the sentiment remains cautious as liquidity dries up across spot markets.
š The Quick Analysis:
The chart shows $ETH recently tested the $2,780 zone and is now fighting to stay above the 100-hourly Simple Moving Average. While whales were recently seen buying into an inverse head-and-shoulders breakout, it turned into a $4 billion bull trap when the price stalled near major resistance. MACD is showing some bullish momentum on lower timeframes, but the daily structure is still weighed down by institutional outflows.
šÆš® THE NEXT MOVE š®šÆ
ā¢ The Bullish Recovery: A confirmed hourly close above $3,020 is the key trigger needed to invalidate the current bearish pressure and push toward $3,150.
ā¢ The Bearish Drop: If #ETH fails to hold the $2,850 level, expect a fresh decline back to the $2,780 support, with a deeper liquidation hunt possible near $2,700.
ā¢ Bottom Line: The market is in a "wait-and-see" mood. Don't jump in blindly; wait for a clear breakout above $3,000 or a solid bounce from the $2,800 floor.
