Price recently faced a sharp rejection from the 3,440–3,460 resistance, where the downward trendline and horizontal supply converged, triggering a corrective move lower. Price has now pulled back toward the 2,850 support area, aligning with the channel border and a prior higher low, suggesting this decline could be a controlled retracement. Structure still leans constructive as long as buyers protect this base.
If demand holds around 2,850, ETH could stabilize and attempt a renewed push toward 3,160 first, with an extended recovery toward the next resistance zone if momentum rebuilds. The broader setup favors upside continuation unless support decisively gives way.
Primary scenario: hold above 2,850 → rebound toward 3,160.
Risk scenario: a clean break below 2,850 may open a deeper slide toward the 2,620 support area.
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