The market periodically realizes what recently seemed too radical. Last week for ETH is just from this category. Levels around 2500 were visually perceived as attractive (considering that the model included both 2200 and even the psychological 2000), but even this range turned out not to be the final one. Memes about Vitalik, candles, and 'leaky socks' are still circulating in the market - irony as an indicator of the stage, no more.
Much more important is another question: where the market can move next and which zones really matter now. Some participants are starting to pick up ETH, considering the price interesting, some continue to build shorts by inertia, and someone is taking a wait-and-see position. Let's break down the main options.
Scenario 1 - buying for distribution
In the short term, ETH may show an attempt of strength and return to the area of 2500 to close the imbalance. Such growth should logically be viewed as technical, with a subsequent pullback and the risk of a repeated decline towards the zone around $2000.
Scenario 2 - consolidation
A more balanced option: stopping the movement and forming a range of 2200–2500. Such a sideways trend will give the market time to redistribute positions and will serve as a basis for the next impulse.
Scenario 3 - restoration of the structure
For now, it looks the least likely, but it is the one that can change the overall sentiment. A consolidation above 2400 and a gradual development of an upward movement will return ETH to the recovery phase.
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