$ETH failed to hold above $3000 and returned to trading below it, but the picture is not yet clear.
The area between $3000 and $3050 remains the key to the trend, and a clear breakout above it opens the way towards $3200 as an initial target.
Conversely, chain data indicates that the average cost of holding long-term wallets is approaching the current price, making the $2720 range a potential support area if selling pressure continues.
This level represents a decline of only about 7% from the current price, not a crash.
Technically, the last weekly close maintained the overall bullish structure, with recurring bottom patterns that appeared previously before strong upward movements.
A clear break below the $2720 level will change the entire scenario and open the door to test lower areas.
Timing-wise, some periodic readings indicate that the time bottom formed in the fourth quarter of 2025, meaning that any current decline is classified as a fluctuation within a transitional phase and not the beginning of a new downward cycle.
Summary in numbers:
Above $3050 the trend is bullish towards $3200
Between $2720 and $3000 is a consolidation and accumulation area
Below $2720 the danger actually begins
