Ethereum Holds Range, Eyes $3,300 as Buy Opportunity

• A crypto analyst thinks Ethereum is holding up nicely despite the recent pullback.
• Ethereum has rebounded from a recent drop to $3,507, showing buyer interest.
• Dropping to $3,300 will build upside liquidity for Ethereum and set up a bullish reversal.

Ethereum faced resistance at $3,860 last Monday before sliding to $3,507 later in the week. Despite a partial recovery to $3,694, analyst Michael van de Poppe stated that the pullback may not be over, hinting at ongoing consolidation before the next decisive move.

ETH could drop to $3,300

In his X post, the analyst highlighted how the ETHBTC pair resisted a massive pullback but consolidated, while the broader crypto market crashed. Van de Poppe considered it a show of strength by Ethereum, which he expects to continue when bullish momentum returns.

In the meantime, the analyst identified a potential bottom for the latest ETHUSD pullback around the $3,300 region. Using a screenshot of the ETHUSD 3-hour timeframe from TradingView, Van de Poppe revealed existing bullish liquidity around the identified region waiting to be taken and recognized the potential effect of the upcoming weekend, citing the crypto market’s tendency to experience price corrections between Fridays and Saturdays.

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An early Rebound for Ethereum?

Although Van de Poppe’s analysis projects further decline for Ethereum, the top altcoin has remained within this week’s range, trading between $3,860, as the top of the range, and the identified support at $3,507. The cryptocurrency’s mood suggests a significant effort from the bulls to prevent a further price decline amid an expected altcoin market rally.

The ETHBTC pair has gained 3.9% as of Friday morning, to move only 0.66% away from completing a rebound and reclaiming the recent swing high. That move has dragged other top altcoins along and initiated a potential recovery for the broader altcoin market. According to TradingView data, the altcoin market cap stood at $1.46 trillion at the time of writing, having recovered from the decline that saw it drop to $1.4 trillion on Thursday.

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