ETH Technical Outlook: Base Formation Develops After Prolonged Corrective Phase
Ethereum remains within a broader corrective structure after the sharp rejection from the $4,450–$4,950 macro supply zone (0.786–1 Fib). That rejection marked a distribution top, followed by sustained bearish continuation and now a range-bound stabilization phase near the lower end of the structure.
Recent price action shows ETH defending the $2,620–$2,900 macro demand base, where buyers have started to build a rounded accumulation structure. Momentum has stabilized, though the higher-timeframe trend has not yet fl