Ethereum (ETH) continues to seek balance in the $2,900–2,950 band after the sharp pullback from $3,300. This region, which analysts draw attention to, stands out as a critical threshold in terms of both technical structure and market psychology. While different chart readings indicate that Ethereum may regain upward momentum if this level is maintained, they warn that downside risks may increase in the opposite scenario.
Wyckoff Accumulation Model and the Importance of $2,900
In the Wyckoff-based chart shared by analyst Bitcoinsensus, Ethereum’s current pullback is interpreted as the “last point of support” (LPS). According to the Wyckoff accumulation model, this phase represents the period when the price gathers strength after long horizontal movements and prepares for a new upward wave. Stages such as the sales peak, automatic rally and secondary test seen in the past are also marked on the chart, drawing attention to a broad consolidation process occurring between 2022 and 2024.
Notably, the current LPS territory just below $3,000 is similar to the early 2025 bottom. In the analyst’s projection, it is predicted that if this support is maintained, the price may start a movement towards the upper band of the range and then towards $ 5,000 and above with the “Sign of Strength – SOS”. However, the previously rejected middle $4,000 band remains a strong resistance.
Short-Term Outlook: $3,300 and $3,600 Resistances
The daily ETH/USDT chart shared by That Martini Guy offers a shorter-term perspective. On this chart, the $ 3,300 level stands out as the main resistance and $ 3,600 stands out as a second barrier where the supply is concentrated. On the downside, the support area just above $2,900 is being tested. If Ethereum reacts at this level, it may move the price back to the middle part of the range.
The analyst states that permanent closes above $ 3,300 may pave the way to $ 3,600, but in case of a drop below $ 2,900, $ 2,800 support will come to the fore. The current structure indicates that Ethereum is at a “decision point” in terms of direction.
In addition to these technical discussions, there has also been increased institutional interest in spot Ethereum ETFs in the US recently. Some fund providers’ plans to integrate staking returns into products are considered a development that may increase ETH demand in the medium term.
As a result, Ethereum is going through a delicate juncture where both technical and fundamental developments intersect. While maintaining permanence above $2,900 could strengthen investor confidence; A downward break may bring about a more cautious market environment.
