There is a contracting triangle formation on the daily Ethereum chart. According to this formation structure, the process that will shape the upcoming period in the compressed price range will occur with a support or resistance break. If the last bar remains below the EMA 9 average, it may cause Ethereum to face selling pressure in the short term.

The most important support level to watch for Ethereum is the $3082 level. A daily bar closing below this level may cause us to see selling pressure on the Ethereum front. The most important resistance level we need to pay attention to on the Ethereum chart is the $ 3166 level. A daily bar closing above this level will enable the Ethereum price to gain momentum.