Technical analysis by The_Alchemist_Trader_ about Symbol ETH on 7 hour ago

Ethereum price action continues to compress within a narrow daily range, currently finding firm support around $3,700 and facing internal resistance near $3,800 — a critical daily SR level. This tight consolidation phase suggests that volatility is building up, and a breakout on either side could lead to an expansionary move. The 0.618 Fibonacci retracement aligns perfectly with the value area low of this range, reinforcing the $3,700 support as a significant technical confluence. From a structural standpoint, this zone must hold to preserve the current bullish framework, while failure to maintain it could open the path toward deeper retracement levels. Key Points: - Daily Support: Holding firm at $3,700, aligned with the 0.618 Fibonacci and value area low. - Internal Resistance: The $3,800 daily SR acts as the first test for bulls to reclaim. - Range Bias: A breakout beyond this $100 zone could initiate a strong expansion or rejection swing. Should ETH break and close above $3,800, it could trigger momentum toward higher liquidity zones near $3,950–$4,000. Conversely, losing $3,700 may invite a retest of lower supports.