$ETH
experienced a sharp short-term pump after revisiting the strong demand zone near $2,150, where price touched the lower Bollinger Band on the 4H timeframe. This move signaled oversold conditions, triggering aggressive short covering and dip-buying from spot market participants. Volume expansion during the bounce confirms that buyers actively defended this level, preventing deeper downside. The reaction was mainly technical, driven by market structure rather than fresh fundamental news, as traders capitalized on stretched indicators and panic-driven sell pressure.
Despite the rebound, ETHUSD is still trading below the Bollinger mid-band and key moving averages, suggesting the broader trend remains cautious. The zone between $2,300–$2,350 now acts as immediate resistance, where selling pressure may reappear. A clean breakout and hold above this range could shift momentum back in favor of bulls, while rejection may lead to sideways consolidation or another retest of lower support. Overall, this pump appears to be a relief rally within a corrective phase, and traders should manage risk carefully until a clear trend confirmation emerges.