ETH Stuck in Limbo: My Take on the Sideways Action

I've been watching Ethereum's price action lately, and frankly, I'm getting bored of this sideways nonsense. ETH has been grinding between support and resistance like a trapped hamster on a wheel, but don't be fooled - this stagnation is just the market toying with us before making its next dramatic move.

The Support Zone That Could Make or Break Us

ETH is currently testing what chart nerds call a "wave 4 pullback zone" between $3,374 and $4,061.

That $4,060 level keeps acting as a psychological barrier - we bounced off it in mid-August when whales clearly decided they weren't ready to let this thing crash yet. The bottom range at $3,374 gives ETH some wiggle room, but I'm not convinced we won't visit it soon.

The Ugly Truth About Potential Downside

If we're honest with ourselves (which crypto traders rarely are), we could easily see deeper pullbacks:

$3,665 might as well have a target painted on it - that 38.2% retracement level is like catnip for whales looking to shake out weak hands.

That ascending trendline that "saved us" back in June? It might need to do overtime work again soon.

The 200-day moving averages are grinding higher, but they're more like a safety net with holes in it than actual support. Sure, ETH historically stays above them in uptrends, but "historically" doesn't pay the bills.

Short-Term Range: Boring as Watching Paint Dry

ETH is trapped between $4,211 and $4,500 - not exactly the volatility we signed up for.

We're below resistance, above support, and going absolutely nowhere fast. While influencers scream about imminent breakouts, smart money is patiently waiting and preserving capital.

What's Really Coming Next

Upside? Sure, IF we break $4,500, we might see another pump that'll have permabulls claiming vindication.

Downside? More likely in my view. The market loves to inflict maximum pain, and another dip toward $3,665 or even $3,374 would flush out the last of the hopium addicts before any meaningful bounce.

The most telling sign? ETH dominance is slipping. When the second-largest crypto can't even maintain market share, it's hard to be wildly optimistic about immediate prospects.

I'm positioning accordingly - this chop won't last forever, and when it breaks, you'll want to be on the right side of the trade.