Looking back at ETH on the weekly timeframe, the broader picture is quite clear. After a strong rally that pushed price into the 4,800–5,000 zone, the market entered a necessary corrective phase. This pullback brought ETH down toward the 2.8k–3.0k area, right around the midpoint of the prior impulse leg. The way price has reacted suggests this is more of a pullback into a base for “rest and re-accumulation,” rather than the beginning of a new bearish cycle.

From an EMA perspective, ETH is currently trading below the EMA34 near 3,385 but has only pulled back modestly and continues to hover close to the EMA89 around 3,060. What stands out is that both EMA34 and EMA89 are starting to flatten, no longer sloping sharply lower. This often signals a transition from a fast corrective phase into a more balanced state, where supply and demand are temporarily finding equilibrium. Price consolidating around the EMA89 after a major advance typically reflects a pause to rebuild momentum, not a breakdown that leads to successive lower lows.

On the medium-term structure, the most recent low around 2.5k–2.6k remains clearly higher than the lows formed before ETH’s strong breakout, meaning the weekly higher-low structure is still intact. Recent weekly candles have relatively small bodies with balanced upper and lower wicks, while volume has been gradually declining. This is a familiar signature of a healthy correction, where profit-taking pressure has largely been absorbed and sellers no longer have enough conviction to push price significantly lower.

With this type of price behavior, the most appropriate view at this stage is that ETH is entering an accumulation phase around the 2.8k–3.2k range, while the broader trend still leans mildly bullish.

Wishing you successful trading!