Ethereum price continues to show weakness as the bearish market structure widens, and the price is currently eyeing $2,900 as a support level that could determine a capitulation move.
summary
- ETH trades within a range between support at $2,900 and resistance at $3,400.
- The bearish structure remains intact, cutting back on consecutive highs.
- A loss of $2,900 could cause capitulation. Holding it could cause a short-term rally.
Ethereum (ETH) price has been under consistent selling pressure since losing the $3,900 level, marking the beginning of a sustained bearish trend. The cryptocurrency is currently approaching the High Time Frame (HTF) support at $2,900, but this zone remains untested during this downtrend.
The lack of bullish strength and lack of recovery momentum has raised concerns that ETH could face a deeper correction before a meaningful reversal occurs.
ethereum price Important technical points
- Main support: $2,900 is the untested high timeframe support.
- Key resistance: $3,400 serves as the upper bound of the current trading range.
- Market structure: Bearish, continuous high decline and bearish bullish follow-through.
Ethereum price action reflects a clear continuation of the bearish structure that began after the rejection at $3,900. Since that failure, ETH has steadily formed lower highs and maintained downward pressure, suggesting the $2,900 area is on the horizon.
This level is important as a potential liquidity zone where a rebound or accumulation phase could begin, and as a support level that could trigger a capitulation-type decline.
The $3,400 region has acted as a strong resistance force, rejecting multiple recovery attempts over recent weeks. We expect bearish market conditions to continue until this resistance level is recovered on a closing price basis.
Currently, a trading range between $3,400 resistance and $2,900 support defines Ethereum’s broader environment, with limited signs of directional certainty in the short term.
The volume profile also suggests that buyer participation is waning. Despite a slight relief rebound, there has been no significant bullish inflow, indicating weakness in demand. This lack of volume confirmation keeps the bearish bias intact and supports the idea that ETH may need to clear out liquidity before a sustained reversal occurs.
What to expect from future price trends
If Ethereum decisively breaks below $2,900, a capitulation move could accelerate, pushing the price towards a deeper support zone and resetting the market structure towards a long-term base. On the other hand, if $2,900 holds and volume strengthens, a short-term relief rally toward $3,400 is possible.
For now, the market remains technically bearish, with $2,900 being a make-or-break level that could determine the next important direction for Ethereum.