ETH: Market Outlook

After failing to break higher at 3170, ETH experienced a complete pullback, with a emotional dip reaching as low as 3061. The price then recovered and entered a sideways consolidation in the 3100–3130 range.
Currently around 3115, the market is in a phase of structural rebalancing after a rally, not a one-sided decline, but it has not yet resumed a bullish trend or entered a corrective phase. The direction remains undecided.
Rally phase: Dense upper shadows, lack of follow-through in volume, typical rejection at high levels.
Pullback phase: Rapid recovery at 3060, indicating a temporary release of bearish momentum.
Current state: Converging highs and lows, shrinking candlestick bodies, funds mainly engaged in short-term trading.
Market features: No sustained decline or rebound, typical structure of digestion phase.
Support zones:
3100–3090 (short-term core support)
Multiple tests of the lower boundary of the current consolidation zone, quickly recovered and stabilized, but breaking below this level would favor a bearish reversal.
3060–3050 (structural defense zone)
Area of strong emotional selling during panic, with significant funds entering.
Breaking below this level would shift the short-term trend back to bearish dominance.
3135–3150 (short-term rebound resistance)
Repeated resistance at the upper boundary of the consolidation zone.
Until the price stabilizes above this zone, rebounds are considered range-bound movements.
3165–3175 (previous high resistance)
Failure to break above this zone requires a sustained move back above it before considering a shift to short-term strength.
The current focus is not on direction but on the validity of the range.
Key points to observe:
Whether the market accepts prices above 3150 or rejects and breaks below 3090. Until then, treat the overall structure as a consolidation phase.