Ethereum is approaching a major decision point as price action tightens between key support and resistance levels. The pace is increasing, but the market is now waiting to see whether the bulls will be able to force a breakout or a deeper one withdrawal follows.
Ethereum Holds the Line: $3,000 Support Starts Up-to-date Rally
According to a recent one update by analyst Ted Pillows, Ethereum has shown resilience in the face of recent market volatility. The asset has successfully held the key $3,000 level and is currently showing signs of rising, suggesting that this level remains a powerful foundation for the current price action.
Ted highlighted a significant external factor contributing to the upward pressure: some immense whales have reportedly opened long ETH positions. This institutional or large-scale buying interest has been identified as the main factor driving the current price movement, suggesting that deep-pocketed investors expect further appreciation.
The analyst provided a clear trigger zone for another significant upside. If ETH can decisively break above the $3,300-3,400 level, it will be a structural confirmation that is expected to result in a quick rally to the next resistance zone between $3,700 and $3,800.
However, Ted also outlined a risk scenario. Failure to break above the $3,300-$3,400 zone could cause the asset to start falling again to retest the $3,000 base zone.
Upward reaction expected from the main support zone
In the earlier one updateMore Crypto Online highlighted that Ethereum is currently reacting from a major weekly support zone, suggesting an upward move remains likely. However, the analysis also points to the possibility of another low before a stronger response takes shape, keeping both scenarios still in play.
The above key resistance area remains the most critical region to watch. Once ETH approaches this zone, the market will essentially be forced to decide which direction it will go. Both bullish and bearish scenarios remain valid based on the broader market structure.
What ultimately shifts the probability in one direction is the behavior of ETH at these critical levels. Sustained hold and powerful reaction can strengthen the bullish case, while weakness or rejection can signal the opposite.
For now, the market is in the pre-major confirmation phase. If Ethereum loses support and forms a clear five-wave decline, the bearish “white scenario” will become the leading trend. Until then, the chart simply shows the conditions that will reveal the market’s preferred path when price makes its next decisive move.
