Ethereum (ETH) is once again moving around a trendline that has supported the price action for nearly a decade. This level has been a key turning point in past market cycles.

As of press time, ETH is trading at around $3,000, with a 24-hour trading volume of $14.6 billion. The asset is up 7% in the last seven days, despite showing a small dip over the last 24 hours (per CoinGecko data).

Ethereum Retests Multi-Year Support Zone

A chart posted by Merlijn The Trader shows ETH trading inside a green zone that has acted as a base since 2016. This area has previously marked cycle lows, followed by strong moves to the upside. Price action in 2017 and 2020 both followed the same pattern: a bottom, a retest, and then a sharp expansion.

Remarkably, the current level is near this zone again. ETH is showing behavior similar to past cycles, where the retest phase led to strong breakouts. So far, the trendline has not broken since it formed.

Meanwhile, technical indicators suggest a shift in short-term momentum. The daily Relative Strength Index (RSI) stands at 40.76, still under the 50 neutral line but recovering from previous lows. This suggests bearish pressure is slowing.

In addition, the MACD has flipped positive, with a recent crossover above the signal line. The MACD value is now at 34. This move follows weeks of negative momentum and suggests early strength is building.

Whales Absorb Sell Pressure in Liquidity Sweep

Merlijn also shared a liquidity heatmap showing large buy interest between $2,750 and $2,850. ETH dropped into that zone and rebounded.

“Price nuked into a massive bid wall. Whales absorbed it in silence,” he posted.

Soon after, ETH swept the sell-side zone near $3,200 before pulling back. The current price range between $2,950 and $3,050 shows signs of quiet accumulation. Merlijn noted: “Next phase: fake-out the late buyers. Don’t blink.” This phase often comes before a larger directional move.

Levels to Watch

Daan Crypto Trades noted that ETH is caught between $2,600 and $3,000. A move above $3,050 could target $3,300–$3,400. A drop below $2,600 would shift the structure and bring $2,000–$2,200 into focus.

At the same time, analysts believe ETH could reach $9,000–$10,000 if the current pattern plays out. While the setup is in place, they advise monitoring key levels before expecting continuation.