Ethereum Price Nears Possible Breakdown — Yet A Bounce Hope Emerges

Ethereum's price action is currently sending mixed signals, caught between a potential bounce and a deeper breakdown as it trades within a narrowing triangle structure, indicating indecision. Technical indicators suggest a rebound hope, as the Relative Strength Index (RSI) shows hidden bullish divergence between December 1st and 17th, implying weakening selling momentum as the price nears the lower triangle trendline support. However, upside potential is capped by strong near-term resistance between $3,154 and $3,179, where a large volume of ETH was accumulated, aligning with chart resistance at $3,149. If a rebound occurs, it may only be corrective unless the price closes above this zone. Conversely, the downside risk is more immediate and fragile; a clean daily close below the key support cluster of $2,801-$2,823 could open the door to the next major support at $2,617. This asymmetry makes the current position dangerous, as upside potential is around 11% while downside risk begins with a mere 1% failure.

(Source：BeInCrypto)