ETHUSD Faces Supply Pressure on the 4-Hour Chart
Ethereum is trading near the $3,050 level after failing to extend its recent recovery, according to the latest market data. While buyers attempted to reclaim higher prices, selling pressure near a well-defined resistance zone has capped upside momentum. The broader setup suggests Ethereum is currently in a consolidation phase following a sharp corrective move.
The market shows multiple Changes of Character (CHoCH) after Ethereum rejected from a higher supply zone earlier in the month. This shift marked the transition from bullish continuation to a corrective structure. Although price briefly rebounded from a lower demand area, higher highs have not yet been confirmed, indicating that bullish strength remains limited.
Key Support and Resistance Levels
Ether is currently holding above a near-term demand zone around the $2,950–$2,980 range, where buyers previously stepped in with strong reactions. Below this area, a deeper support zone remains intact near the recent weak low. On the upside, a strong supply zone above $3,100 continues to attract sellers, making it a critical level for any sustained breakout attempt.
As long as Ethereum trades below resistance, range-bound price action is likely to persist. A clean break above supply could shift momentum back in favor of buyers, while failure to hold demand may expose price to renewed downside. Traders are closely watching volume and structure confirmation to determine the next directional move.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.