Ethereum is demonstrating signs that it might make a short-term price move toward a significant range between $3,270 and $3,360. Currently, Ethereum is trading at approximately $3,100, representing a 1% increase over the past 24 hours. However, the asset has declined 11% in the last week due to prolonged downward pressure.

Structure Break and Price Response

Crypto analyst Crypto Patel stated that Ethereum has confirmed a Break of Structure (BOS) at $2,940, indicating that sellers are still dominant at this point. Patel explains that significant investments could push prices into a “premium zone” to balance past inefficiencies within the chart.

Ethereum Analysis Source: Crypto Patel/X

Meanwhile, analyst Lennaert Snyder pointed out that Ethereum was rejected at the $3,200 resistance level and is working to hold support around $2,990 while forming higher lows. Snyder expects a surge beyond $3,200 may lead to a test of $3,350. He also cautioned traders about looking for short entries if the price spikes in the resistance zone.

“Looking for shorts locally, or after a liquidity grab, is a legit thing to do.”

Price Activity and Trader Positioning

Analysts are noticing initial signs of momentum building. CryptoBoss remarked that the ETH/BTC chart has revealed a bullish flag pattern, suggesting a potential bounce while Bitcoin remains stable. They mentioned that indicators like the MACD flipping green and the RSI breaking its three-month downtrend could indicate rising momentum.

In contrast, on-chain data shows that wallets with 1,000 to 10,000 ETH have offloaded over 230,000 tokens in the last week. This selling pressure signifies that larger holders are mitigating risk as Ethereum attempts to stabilize at its current level.

Furthermore, Ethereum may be entering a bottoming phase, with various indicators hinting at liquidity rebuilding.