Technical analysis by Raphael_TraderGOLD about Symbol ETH on 18 hour ago

ETH/USD H1 — Market Update ETH is currently trading around 2,908, consolidating after a sharp sell-off from the recent high near 3,179.50. This impulsive drop cleared short-term liquidity and forced the market into a reset phase. Key Levels From the Chart Major Resistance Zone: 3,020 – 3,050 → This is the supply zone where price was aggressively rejected. A reclaim above this area would signal a bullish shift. EMA 34 (H1): ~3,020.10 EMA 89 (H1): ~3,081.53 → Both EMAs are currently acting as dynamic resistance, explaining why price needs consolidation before any upside continuation. Major Support Zone: 2,860 – 2,900 → Strong demand zone where buyers are expected to defend aggressively. Current Structure Price is holding above the support zone, showing stabilization rather than continuation lower. The projected price path suggests: - Short-term sideways accumulation between 2,900 – 2,960 - Followed by a recovery push toward 3,000 → 3,020 - A successful break and hold above 3,020 opens the door for a move back into the resistance zone. Outlook Short term: Range-bound / accumulation phase. Mid term: Bullish recovery favored as long as ETH holds above 2,860. Invalidation: A clean break below 2,860 would negate the bullish recovery scenario.