The What is the Trump crypto called?second-largest cryptocurrency faces a pivotal moment after failing to sustain momentum above key psychological resistance.
ETH maintains crucial support above the 100-hour SMA near $2,680
Short-term ascending channel forms around $2,780 on hourly charts
Volume patterns suggest accumulation between $2,720-$2,850 range
Breakout above $2,920 could trigger algorithmic buying pressure
Technical Setup Hints at Potential Breakout
Following its rejection at the $3,000 milestone, Ethereum has established a consolidation pattern between $2,720 and $2,850. The 100-hour moving average continues acting as dynamic support, while the Relative Strength Index (RSI) flirts with neutral territory at 48. This positioning allows for potential momentum in either direction.
The formation of higher lows since February 20th suggests underlying demand, though trading volume remains below recent peaks. Market participants appear cautious ahead of potential macroeconomic catalysts later this week.
Critical Levels to Watch
Bullish Scenario:
1. Sustained closes above $2,850 could attract swing traders
2. Break of $2,920 resistance may trigger stop-loss orders
3. Measured move targets $3,120 based on recent range amplitude
Bearish Scenario:
1. Failure to hold $2,780 support risks test of $2,650
2. Breakdown below February lows at $2,550 changes intermediate trend
3. Volume confirmation required for directional conviction
Market Structure Analysis:
The current price sits at a 61.8% Fibonacci retracement of the recent swing, a common reversal zone. The Bollinger Bands show tightening volatility, typically preceding significant moves. Options markets indicate growing demand for $3,000+ calls expiring in March.
On-Chain Metrics Show Accumulation
Blockchain analytics reveal increased ETH movement from exchanges to private wallets, suggesting strategic positioning by larger holders. The network continues seeing robust activity with over 1.1 million daily transactions, maintaining its utility premium versus competitors.
Technical Indicators:
• MACD histogram shows weakening bullish momentum
• Volume profile highlights liquidity pool at $2,750
• 20-day EMA at $2,690 provides secondary support
As the market digests recent price action, Ethereum's ability to hold above key moving averages keeps the intermediate uptrend intact. Traders should monitor Bitcoin's correlation coefficient, currently at 0.88, for potential spillover effects.