Technical analysis by VaultX_Trader about Symbol ETH on 8 hour ago

The price has successfully exited the descending channel (indicated by the red diagonal lines) and is trading around $2,978.50, a gain of over 5.36% from the recent low. This breakout from the corrective channel confirms that the short-term bearish momentum is fading and bulls are regaining control. ​The Bullish Confirmation: Price has aggressively moved away from the Lower Order Block and is currently testing the FVG (Fair Value Gap) and a minor Order Block around the $3,000 - $3,070 range. A decisive close above this level is the final trigger needed for a run to the top. ​The Targets: The technical structure (green arrow) points toward the major Supply Zone / Orders Block near $3,400. This remains the primary objective for the current recovery. ​Neutral Buffer: Expect some sideways consolidation or a minor pullback to $2,920 as the market absorbs the supply at $3,000 before the next leg up. ​Strategy Checklist ​Trigger: Breaking the $3,070 Wall ​If Close > $3,070: The direction is confirmed UP toward the $3,400 Supply Zone. ​If Rejected at $3,000: The direction is SIDEWAYS, likely ranging between $2,850 and $3,000 as the market gathers strength. ​The Risk Zone: Only if the price drops and closes below $2,725 does the bias shift back to DOWN. ​Summary Recommendation: The chart is currently in a "Transition Phase." The hard part (the $2,800 bounce) is over. Now, the market needs to prove it can hold above $3,000 to reach the higher targets.