Ethereum Update: ETH Stalls Below Resistance, Quiet Weekend Likely

Ethereum is trading in a tight range just below the top of its trend channel, signaling a low-volatility weekend. Given declining volume, thin liquidity, and weak impulsive structure, a major breakout appears unlikely in the near term.

Key Takeaways:

Market Conditions:

Weekend trading historically favors consolidation, especially with falling volume and year-end liquidity constraints. Current price action reflects this range-bound behavior.

Trend & Levels:

ETH remains above the channel’s midline near $2,800–$2,810 but below upper resistance. A break below this midline would raise the odds of a deeper pullback.

Potential Downside Zone:

If bearish momentum builds, the next target area lies between $2,626–$2,258.

Elliott Wave Scenarios:

Bearish (Primary): Wave 4 likely ended on Nov 21, with a possible wave 5 decline starting. Confirmation comes below $2,800.

Bullish (Alternative): Nov 21 may be a local bottom, with a developing diagonal. Confirmation requires a break above $3,245.

Weekend Range:

Support: $2,983–$3,068

Resistance: $3,156–$3,245

Outlook:

ETH is likely to remain range-bound through the weekend, with any bounce viewed as corrective rather than the start of a new trend. Increased volatility may emerge late Sunday, but consolidation remains the higher-probability scenario.