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Ethereum moved toward the lower boundary of its declining channel as the current wave count approached the final leg. The price traded near $2,978 while the broader structure tracked a five-wave pattern that extended through mid-October. The chart showed sellers driving the market toward a possible completion point near the lower trendline. Market participants now monitor whether the price reacts to this region before a potential shift.
Ethereum’s chart displayed a clear five-wave move inside a downward channel. The sequence began after a peak near late September and continued through a structured decline.
The first wave moved sharply lower from the upper trendline and created the baseline for the pattern. A second wave retraced toward the moving averages but failed to break the resistance zone.
A third wave extended deeper and aligned with increased volatility as the structure steepened. The fourth wave produced another lower high that respected the descending trendline and positioned the asset for the fifth leg.
The fifth wave moved near the channel base around the $2,775–$2,800 region. This zone aligned with a dotted support line that had reacted in earlier sessions. The structure indicated a possible C-leg completion. Traders now watch whether the price interacts with this support before any recovery attempt. Could this region mark the next decisive turning point for the asset?
The stochastic oscillator sat near its lower range. The indicator showed repeated cycles of sharp swings during the decline. The current position suggested continued pressure as sellers sustained momentum.
The RSI also trended near the oversold area and moved along a steady downward slope from early October. The indicator respected a consistent trendline that formed during the broader move. Its low reading mirrored the chart’s declining price structure.
Volume remained relatively stable during the recent drop. The bars did not show large spikes throughout the structure. This pattern indicated steady activity as the price moved closer to the channel support.
The volume profile on the right side of the chart displayed dense activity between $3,200 and $3,600. This region formed a strong high-volume node during prior trading periods.
The current price sat far below that cluster as Ethereum hovered near $2,978. The gap between the present level and the heavy volume region suggested fewer traded positions in the lower band. This area often creates efficient movement until the price reaches higher-liquidity zones.
A white projection line on the chart suggested a potential recovery path toward higher resistance bands. The line curved from the channel base toward the $3,200 region. It then extended toward the broader resistance range near $4,000.
The long trendline beneath the chart suggested historical support near $2,525. This level extended across multiple months and acted as a secondary cushion if the channel support breaks.
Ethereum moves near the channel base as the five-wave pattern approaches completion. Momentum indicators remain weak, while the volume profile shows limited support below current levels. Traders now watch how the price reacts to this zone as structure and oscillators align for a potential turning point
