Ethereum Hovers at $2,900 Pivot as Institutional Demand and Wyckoff Setup Shape Next Move
Ethereum (ETH) is trading around a critical pivot between $2,900–$2,950 after pulling back from near $3,300. Technical analysts cite a Wyckoff re-accumulation structure and identify the current phase as a potential ’Last Point of Support’ — holding this zone would preserve bullish structure and could set up a fresh upward impulse. Short-term resistance sits at $3,300 (primary) and $3,600 (secondary); a decisive close above $3,300 would open a path toward $3,600. Failure below the $2,900 pivot increases downside risk toward $2,800, $2,680 and lower demand zones near ~$2,570, and would favor protective measures or short positions. On-chain indicators show signs of seller exhaustion (bullish RSI divergence), and large holders and institutions are accumulating — recent flows include sizable additions by crypto treasuries and growing interest in U.S. spot ETH ETFs and staking-inclusive products. For traders: treat $2,900 as the immediate risk-management pivot; consider a bullish bias on sustained closes above $3,300 and defensive sizing or short bias if $2,900 breaks. This is market analysis, not investment advice.
Bullish
The combined reports present a cautiously bullish outlook for ETH. Key supportive factors: (1) a Wyckoff re-accumulation structure locating price at a potential Last Point of Support, which historically precedes upward impulses when upheld; (2) on-chain signals (bullish RSI divergence) indicating seller exhaustion; and (3) growing institutional accumulation via treasuries and interest in spot ETH ETFs and staking-inclusive products — these increase medium-term demand. Short-term risks remain: rejection at the $3,300–$3,600 zone and a decisive break below the $2,900 pivot would flip bias to bearish and likely trigger deeper selling toward lower demand zones. For traders, the immediate market reaction will be driven by price behavior around $2,900 (risk management pivot) and the ability to close above $3,300 (bullish trigger). Therefore, while momentum and fundamentals lean bullish, prudent position sizing and stop placement are warranted given the clear near-term downside thresholds.