🔷Ethereum continues to trade within a narrow range near $3,030, remaining below a descending trendline and a dense cluster of moving averages between $3,190 and $3,405. This zone acts as strong resistance, limiting recovery attempts since autumn. Meanwhile, buyers are successfully defending the $2,900–$2,950 demand area, preventing a deeper correction and maintaining a balance between bulls and bears.
🔷Spot flows do not show clear signs of accumulation, reinforcing the sideways trading scenario. Moderate inflows are followed by outflows, highlighting market participants’ caution. In the short term, price action appears stable, but without a breakout above key levels, upside potential remains constrained. As a result, Ethereum is still in a waiting phase, with the decisive move yet to come.