ETH Update: Ethereum is continuing to work through a higher timeframe consolidation after the strong move into the upper range earlier this year. The rejection from the ~$4.7k resistance zone was sharp, but importantly, price has since stabilized and is now holding above the key ~$2.7k–$3k support region. That area has acted as a major pivot multiple times in the past, and holding it keeps the broader structure constructive.
From a market structure perspective, this still looks like a reset within a larger range rather than a full trend failure. The selloff from the highs has transitioned into sideways-to-overlapping price action, which is typical during digestion phases on the weekly. ETH is effectively building a base between higher timeframe support and prior resistance, allowing momentum and positioning to cool off.
The ~$3.4k level remains an important inflection zone. Acceptance back above it would be an early signal that ETH is ready to rotate higher again and challenge the upper range. Until then, some chop and volatility should be expected as the market works through this consolidation. The projected path suggests a period of basing followed by a renewed push higher once participation and liquidity return.
Zooming out, the bigger picture remains intact. ETH continues to hold above major cycle support, and as long as that remains the case, the odds favor continuation rather than a deeper corrective phase. This looks less like distribution and more like consolidation ahead of the next leg.
For now, patience is key. As long as ETH holds this support zone and avoids a decisive breakdown, the structure supports higher prices over time, with the upper range near ~$4.7k remaining the key target once momentum rebuilds.
