ETH Tests Critical $3,150 Support as Decline Extends

● Ethereum continues sliding on intraday charts, heading straight for the $3,150 support area that traders flagged earlier this week. The move plays out exactly as anticipated, with market watchers now waiting to see how ETH behaves once it hits this crucial zone.

● ETH pushed lower from its recent peak, carving out a series of descending highs while sellers maintain control below the $3,140 resistance point. The pullback looks methodical rather than chaotic, guiding price toward that broader $3,150 support band where buyers showed up before. The trading setup suggests this test marks a decision moment, with short positions getting trimmed as Ethereum approaches the target area.

● What catches attention on the chart is the pair of rounded lows forming near identical price levels. This hints at a possible double-bottom pattern if buyers step in during this retest. While nothing’s confirmed yet, the repeated bounce attempts around this zone show the market’s paying attention and might stabilize once ETH completes its downward journey.

“Market was expected to revisit this area following the recent pullback, with plans to take profit on short exposure once the level is tested.”

● The stakes are real because Ethereum’s short-term direction hinges entirely on what happens at $3,150. If support holds and absorbs the selling wave, we could see sentiment flip and upward momentum return quickly. But if this level cracks, expect consolidation to drag on longer with heightened volatility as ETH works through this correction phase.

My Take: The $3,150 zone will separate disciplined traders from emotional ones. A bounce here sets up attractive risk-reward for longs, while a breakdown demands patience before re-entry. Watch volume and candle closes, not just price tags.

Source: Crypto Tony