Ethereum Rejected Again — Is $ETH Losing Momentum or Building a Bigger Move?
Ethereum is once again testing traders’ patience after failing to secure a daily close above a critical resistance zone. Early this week, ETH faced strong selling pressure near the $3,017 level, triggering a pullback of nearly 1.5% in the following session. As of Wednesday, Ethereum is hovering around $2,904, raising concerns that the recent rebound may lack the strength needed for a sustained breakout.
If downside pressure continues, ETH could slide further to retest the key support zone at $2,749 — a level that may act as a decisive pivot for short-term trend direction. A breakdown below this area would likely increase bearish momentum and invite deeper corrective moves.
Momentum indicators remain mixed but lean cautious. The RSI is currently sitting near 44, staying below the neutral 50 threshold, suggesting sellers still maintain control. At the same time, the MACD lines are converging, reflecting market indecision and a lack of clear directional conviction — often a precursor to heightened volatility.
However, bulls are not out of the picture yet. A strong daily close above $3,017 would invalidate the recent rejection and confirm renewed bullish momentum. In that scenario, Ethereum could resume its recovery and target the December 10 high near $3,447, where significant resistance awaits.
Trade Setup (Short-Term):
🔻 Sell Entry: 2,980 – 3,020
🎯 TP1: 2,904
🎯 TP2: 2,749
❌ SL: 3,080
🔺 Buy Entry (Confirmation): Daily close above 3,017
🎯 TP: 3,447
❌ SL: 2,880
Is Ethereum setting a bear trap — or warning of a deeper pullback ahead?
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