Ethereum's Tight Range: Will ETH Hold or Break Down?

Ethereum, the world's second-largest cryptocurrency, has been trading in a tight range between $3,000 and $3,500, with little price action in recent days. This sideways movement has left investors wondering whether Ethereum (ETH) will hold its current level or break down further. Could Ethereum's next move be a sharp decline?

As of now, Ethereum's price is hovering around $3,300, showing minimal movement. In the last 24 hours, ETH has dipped slightly by -0.26%, indicating a lack of momentum in either direction. The consolidation phase continues, leaving traders unsure about the next big move.

Ethereum's tight trading range suggests a potential breakout soon. However, technical indicators hint at a bearish scenario. If selling pressure increases, ETH could fall to $2,800 as its next major support level. A further decline could see Ethereum testing $2,400, which would mark a significant drop from current levels.

While the market remains uncertain, Ethereum needs strong bullish momentum to reclaim $3,500 and push higher. Until then, traders should brace for potential downside risks, especially if Bitcoin and the broader crypto market continue to struggle.