$ETH （4H）is in "horizontal repair" after a sharp decline + a large amount of trapped positions above.
This wave quickly dropped from around 3400 to 2864, then moved sideways near 2950 with reduced volume, indicating that the market is "catching its breath," but has not yet completed its directional choice. Structurally, it looks more like a rebalancing range after a decline, not a trend reversal.
Key levels:
Upper resistance zone: 3010–3050 (if it does not reclaim here, the rebound is likely just to give shorts a better position)
Staying above 3050: would indicate a short-term strengthening, with the next target at 3130 → 3220 (the upper trading volume is dense, so it will be hard to break through)
Lower support zone: 2920–2880
Breaking below 2880: the structure continues to weaken, primarily looking at 2864 being swept again; if it cannot hold, it is easy to extend towards 2780.
Patiently waiting for boundary signals🤘$ETH
