Ethereum’s Bull Trap: Will $2,680 Save the Day? 🤑💔

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The winds of the market have shifted, and Ethereum, once a proud stallion, now stumbles like a donkey in a mud pit. Near the $3,300 mark, it confirmed a bearish failed auction, a move as graceful as a drunkard’s dance. Resistance, that stubborn old mule, held its ground, and now the risk of a deeper fall looms like a storm cloud over a picnic. 🌩️

  • $3,300 rejection? More like a slap in the face, confirming a bull trap. 🐂🪤
  • Acceptance below resistance? The market’s way of saying, “You’re not the boss of me.” 👎
  • $2,680? The next stop on this wild rollercoaster. 🎢

Ethereum (ETH), once the darling of the crypto world, now looks like a kid who’s lost its balloon. Failing to reclaim the $3,300 resistance zone, it’s like watching a soap opera where the hero just can’t catch a break. What seemed like a bullish breakout turned into a comedy of errors, with the price tumbling back below resistance faster than a politician’s promises. 🧢

This, my friends, is what they call a failed auction, or a bull trap-a term as fancy as it is cruel. It’s like inviting someone to a party only to lock them out. Trapped long positions are now unwinding, and the bearish bias is stronger than a stubborn goat. Focus has shifted to lower support levels, because why not add insult to injury? 🦴

Ethereum price key technical points 📊

  • $3,300 – Resistance so strong, it’s like trying to push a boulder uphill. 🪨
  • Value Area High (VAH) – The bouncer at the club, keeping the price out. 🚫
  • $2,680 – The safety net, or maybe just another step down the ladder. 🪜

Ethereum’s attempt to break above $3,300 was as successful as a fish trying to climb a tree. Aggressive selling met it like a wall, and the price couldn’t hold above resistance even if its life depended on it. This is the hallmark of a failed auction-a brief moment of hope, followed by a hard dose of reality. 🌈💔

From a volume-profile perspective, the rejection is as clear as a bell on a quiet night. The Value Area High converges with $3,300, creating a supply zone denser than a traffic jam. When the price is rejected from such a zone, it’s like the market is saying, “Not today, buddy.” 🚗🚦

The swift move back below resistance suggests acceptance of the value, not a liquidity sweep. In market auction theory, this means the price is likely to keep heading south, like a snowbird in winter. It’s all about seeking balance, even if it means a bumpy ride. ⚖️

Market structure? Still printing lower highs, like a broken record. Each rally attempt is met with selling pressure, proving that bullish momentum is about as strong as a wet noodle. 🍜

The failed auction also highlights the plight of trapped long positions above $3,300. As the price dips, these positions face more pressure than a student during finals week. Stop-losses are triggered, positions are unwound, and the downside moves accelerate faster than a rumor in a small town. 📉

Why $2,680 Is Now in Focus 🔍

With resistance holding firm, all eyes are on $2,680, the next major support level. It’s like the last lifeboat on a sinking ship. This level represents a structural area where prior demand emerged, and the price might find some stability-or just another stepping stone down. 🚢

From a liquidity perspective, a move toward $2,680 would clear resting liquidity below the current range. Markets love unfinished business, like a sequel no one asked for. 🎬

A test of $2,680 wouldn’t necessarily mean a macro breakdown, but rather a continuation of Ethereum’s corrective phase. However, if this support fails, it’s like removing the training wheels-downside risk would skyrocket, and deeper retracements would be on the menu. 🚴‍♂️💥

What to expect in the coming price action 🔮

As long as Ethereum stays below $3,300 and the Value Area High, the downside risk is as real as a hangover after a night of partying. The confirmed failed auction makes a rotational move toward $2,680 likely, where the price might attempt to stabilize-or just take a breather before the next plunge. 🌪️

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2026-01-07 20:50