Ethereum Price Bounces Back as Pain Levels Signal Low-Risk Buying Zone

TLDR:

• Ethereum rebounded to $3,468 after nearly falling below $3,000, showing strong buying interest at support.
• Santiment data shows 30-day traders at -12.8% average returns, signaling room for short-term recovery.
• Both short- and long-term MVRV ratios are negative, often marking a low-risk accumulation opportunity.
• Ethereum remains in its 2024 $2.8K–$4.1K range as analysts expect more sideways movement before volatility returns.

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Ethereum’s comeback has caught traders’ attention. After falling close to $3,000 earlier this week, the crypto giant is once again pushing toward $3,500. 

Market sentiment has shifted fast, fueled by trader losses and technical indicators suggesting a bottom zone. 

Analysts say the next move could be sideways before volatility returns. But traders are keeping their eyes on Ethereum’s broader range between $2,800 and $4,100.

Ethereum Price Action Remains Confined Within 2024 Trading Range

Market analyst Daan Crypto Trades reported that Ethereum has dropped from its previous cycle high and moved back into the same range it held for most of 2024. He observed that the weekly structure remains intact, though the daily trend is pointing downward.

Ethereum’s current trading zone between $2,800 and $4,100 has acted as both support and resistance for much of this year. That range has repeatedly tested traders’ patience, often trapping both buyers and sellers during sudden reversals.

At press time, CoinGecko data showed Ethereum priced at $3,468.71, with 24-hour volume exceeding $59 billion. 

The crypto rose by almost 6% in a day but remained 13% lower than a week ago. This bounce suggests buyers are stepping back in, though short-term volatility remains high.

ETH price on CoinGecko

Price stability within this band could help Ethereum form a stronger base before its next major move. The asset’s behavior during the next few sessions will show whether buyers can defend support near $3,000 or if more downside pressure builds.

Trader Metrics Hint at Possible Accumulation Phase for Ethereum

Data from Santiment revealed that traders active in the past 30 days recorded an average loss of -12.8%, showing that many market participants are still under water. Historically, when both short-term and long-term MVRV ratios move into negative territory, prices tend to recover over time.

The same report showed that traders active in the past year are now at -0.3%, meaning Ethereum’s yearly traders are also back in loss. Santiment’s analysis described this as a zone where low-risk accumulation typically occurs, especially when market sentiment turns fearful.

The crypto community often refers to such times as periods of “blood in the streets,” when selling slows and buyers quietly re-enter. With prices near the lower end of its range, ETH could stay choppy before another large volatility move, as Daan Crypto Trades suggested.

Traders now await stronger momentum signals. For now, Ethereum sits at a point where patience might pay off for long-term holders.

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