$ETH Ethereum is testing a critical weekly support zone around $3,100, with analysts watching closely as both bullish and bearish long-term scenarios remain in play. The next major move hinges on how ETH reacts at key resistance levels between $3,348 and $ 3,891.

👉 Ethereum is holding steady near a major support zone that's been highlighted on the weekly chart. Recent technical analysis suggests we're likely to see an upside reaction from this area, though the overall structure leaves room for one more dip before the real direction becomes clear. Key Fibonacci support levels sit between $2,618 and $1,818—this is where buyers have historically stepped in. Right now, ETH is trading around $3,100, and traders are watching to see how it handles the next resistance zone above.

👉 Both bullish and bearish scenarios are still on the table at this point. The critical resistance area lies between roughly $3,348 and $3,891—this is where the next big reaction should happen. If Ethereum pushes into this zone but shows weakness, the correction could continue. On the flip side, if support breaks and we see a clean five-wave decline, the odds would shift toward a deeper drop targeting lower Fibonacci levels. The chart lays out specific conditions that would reveal which long-term path the market is actually taking.

👉 Looking further out, there are extended upside targets ranging from $11,222 to above $20,000 if ETH ultimately follows a bullish continuation pattern. But the analysis makes it clear we're still in a pre-confirmation phase. What happens at these defined support and resistance levels will determine which wave count actually plays out. For now, ETH is stuck between these structural boundaries, waiting for a decisive move.

👉 This setup matters because Ethereum is approaching levels that could shape its trend direction for years to come. A strong bounce from support or a rejection at resistance could influence sentiment across the entire crypto market. With both scenarios still viable, the next few weeks will likely be crucial in determining whether ETH kicks off a larger rally or heads into deeper corrective territory.

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