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Looking at the ETH/USDT 4-hour chart, Ethereum appears to be entering a correction phase after rising to $3,076 levels. The reappearance of the red FVG area reflects greater selling pressure, with buyers becoming more cautious after the previous strong rally.
Currently, ETH is trading near the $3,060 support area, which has previously absorbed the sell-off and also represents an important bullish FVG. This is a very sensitive area: stabilization above this area may drive a price rebound, but a breakout of this area may change the direction of the entire market.
If the price sustains at $3,060 levels, we may see a move towards $3,100-3,150, especially if a candle with a lower tail and increased volume appears.
If support is broken, ETH could drop towards $2,950 or even $2,900 – a highly liquid area that has seen strong rallies before.
In terms of news, the Federal Reserve’s interest rate hikes continue to squeeze capital flows into riskier assets. Increased competition from Solana and Avalanche has also led to weaker investor interest in ETH in the short term.
In short, Ethereum is at a turning point. The $3,060 level is the decisive factor: stability above it supports a quick bounce, while a break above it could open the door to a deeper correction before the long-term uptrend returns.
