Ethereum Chart Analysis

On the 1-hour timeframe (1H), a clear bearish trend is visible. After a sharp decline from levels above 3400, the price of Ethereum entered a prolonged correction and consolidation phase. Currently, the asset is trading around $2945, trying to find solid ground beneath its feet.
Key support levels:
• $2892: An intermediate level where buyers previously showed activity.
• $2867: A local minimum. If the price breaks below this mark, the decline could accelerate to the $2700–$2800 zone.
Overall Context
Although the #GoldAndSilverHitRecordHighs, cryptomarket has not yet shown the same confidence as precious metals, we see a divergence: gold is rising, while Ethereum tests important psychological levels.
To resume a bullish scenario, Ethereum needs to hold above $3050 and break the descending structure. Otherwise, the (bearish sentiment) as indicated in the corner of your screen will remain dominant, and we will face further bottom searching.