Ethereum faces critical support test after recent pullback
Ether is hovering around the $2,900 to $2,950 range right now, which feels like a pretty important moment. The cryptocurrency just pulled back from testing the $3,300 level, and now it’s sitting at what analysts are calling a key support zone. I think this is one of those moments where the next move could set the tone for a while.
Two different analysts have been looking at this situation, and they’re both pointing to similar things. The first one, Bitcoinsensus, shared a chart on X that frames the current price action as a possible “last point of support” in something called a Wyckoff accumulation setup. Now, I’m not an expert on Wyckoff theory, but from what I understand, it’s a way of looking at market cycles.
Analysts point to key resistance levels ahead
The chart shows Ether trading near $2,920 and marks previous Wyckoff events going back to 2022. There’s a selling climax, an automatic rally, and a secondary test all labeled on the left side. Then there’s this long trading range through 2022 to 2024. The interesting part is that the chart highlights two “LPS” areas – one around the early-2025 base and another near where we are now, just below $3,000.
What catches my eye is the resistance band drawn near the mid-$4,000s, where price previously rejected. There’s also a broader support line much lower, around $1,300. The analyst’s projection suggests a push back toward resistance, then a breakout labeled “SOS” (sign of strength) and a climb toward $5,000 and above. But that’s only if Ether holds the current support area and reclaims the upper boundary of the range.
Daily chart shows clear range structure
Meanwhile, another analyst, That Martini Guy, shared a daily ETH/USDT chart that shows Ether trading near $2,950 after what looks like a pretty sharp pullback from the $3,300 area. This chart marks $3,300 as a key resistance zone, with a higher supply band near $3,600 where price previously stalled.
On the downside, the graphic highlights a support region just above $2,900, which price is currently testing after the latest sell-off. The structure shows Ether moving within a broad range that has defined recent price action. After failing to hold above $3,300, ETH slid quickly back into the middle of the range, then dipped toward the lower support zone.
The annotations suggest that a sustained move back above $3,300 would reopen the path toward the $3,600 area. But continued weakness could expose the lower boundary near $2,800. It’s framed as a decision point – holding above the $2,900-$3,000 zone would keep Ether inside its established range, while a confirmed break below would shift focus to the next marked support near $2,800.
At the time of the snapshot, price sat around $2,948 on Binance, reflecting modest losses on the session. What strikes me is how both analysts are looking at similar price levels, even though they’re using different frameworks. The $2,900-$3,000 area seems to be the immediate battleground, with $3,300 and $3,600 waiting as the next hurdles if Ethereum can regain its footing.
I suppose we’ll see whether this support holds or breaks. Sometimes these technical levels work, sometimes they don’t. But when multiple analysts are pointing to the same zones, it’s worth paying attention. The market seems to be taking a breather here, deciding which way to go next.
