Ethereum ($ETH) is currently consolidating between $3,600–$3,800, forming a tightening range after rejecting the $4,200 resistance zone. Momentum indicators (RSI around 48, MACD flattening) suggest a neutral-to-slightly bearish short-term structure. However, on-chain data shows declining exchange reserves and stable staking inflows, hinting at potential accumulation. A clean breakout above $3,850 could trigger bullish continuation toward $4,200–$4,400, while a breakdown below $3,600 may open the door to $3,300 support. Traders are watching volume confirmation closely — a decisive move could set the next mid-term direction.
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