Ethereum Holds Near $3,000 as Key Trendlines Converge

⬤ Ethereum is stuck in a squeeze right now, hovering between $2,950 and $3,000 while two major trendlines close in on each other. The daily chart shows ETH respecting a rising support line that’s held up since earlier this year, but it’s also trading under a descending trendline connecting recent highs. What used to be resistance around $2,900–$3,000 has now flipped into support, and that zone is doing the heavy lifting at the moment.

⬤ ETH is currently changing hands around $2,960, and the chart setup is getting tight. The rising diagonal support and the falling trendline are moving closer together, which means something’s got to give soon. The RSI is hanging out in the middle—no strong momentum either way, just sideways chop for now.

⬤ There’s also an orange zone on the chart marking where ETH broke out before, and it’s acting as a floor right now. After pulling back from higher levels earlier in the year, Ethereum keeps testing this area, which shows it’s technically significant. The key thing to watch is whether ETH can hold that rising support line. If it doesn’t, things could get messy. On the flip side, a move above the descending trendline would signal a real shift in momentum.

⬤ This compression pattern matters because it shows indecision at a critical moment. Ethereum is sitting right on multi-month trend support, and traders are waiting to see which way it breaks. Whatever happens next could set the tone for the broader crypto market.