Ethereum ( $ETH ) has once again failed to break above the key $3,000 resistance, keeping price action under pressure around the $2,950 area. Repeated rejections at this level point to strong overhead supply and weak follow-through from buyers.
For ETH to regain bullish momentum, a clean breakout and sustained hold above $3,070 is crucial. Without that, downside risk increases, with price potentially rotating toward the $2,600–$2,700 support zone, representing roughly a 20% pullback from recent highs.
The current price structure reflects tight consolidation, suggesting volatility is building. This compression phase often precedes a sharp move, but the direction will depend on which side gains control.
On the upside, the $3,400–$3,600 region remains a heavy resistance cluster, further reinforced by the 200-day moving average. A decisive break above this zone would be required to shift the broader trend back in favor of the bulls.
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