$ETH is trading at $2,069**, currently caught between two major forces. Technically, the price is attempting to reclaim the **$2,100 level, but it is still trading below the 30-day moving average ($2,125), confirming we are in a short-term downtrend.
The Setup:
We are watching a potential range formation. Buyers have stepped in near the $1,950–$2,000 psychological zone, creating a local demand area. However, the broader structure remains bearish as long as price stays below the 30MA. The RSI at 45.81 shows neutral momentum—not oversold, but lacking strong bullish conviction.
Where are the players?
Sellers are active between $2,125 (MA30)** and the recent swing highs near **$2,400. The massive selling pressure from the Vitalik-associated wallet ($7M) adds fundamental weight to this resistance zone.
Buyers are defending the $2,000** handle aggressively. If this breaks, the next support lies at the local lows around **$1,700.
The Confirmation:
A move above $2,125** with volume would signal that the selling news is priced in, potentially targeting **$2,400. However, for a trend reversal, we need to see the MACD cross decisively positive and price hold above the 30MA.
The Invalidation:
If $2,000** breaks as support, the structure fails. This would likely trigger a swift move toward the **$1,700 range, resuming the broader downtrend.
Idea: Wait for a clean break. Long entries only above $2,125 with a stop below $2,000. Short entries if $2,000 cracks with conviction.
