ETH Trapped Between Supply & Demand Ethereum / US DollarCOINBASE:ETHUSDBlackGoldMarketOn the H1 timeframe, Ethereum is clearly transitioning from impulsive strength into a balanced range environment. After a sharp bullish breakout, price stalled inside a well-defined resistance zone around 3,380–3,420, where repeated attempts to push higher have been rejected. This behavior confirms that sell-side liquidity is actively defending the highs, preventing continuation for now. Structurally, ETH is printing overlapping swings with equal highs and shallow pullbacks, a textbook sign of consolidation rather than trend continuation. On the downside, the support zone around 3,260–3,280 continues to attract buyers, aligning closely with the rising EMA structure. As long as this zone holds, downside pressure remains corrective, not impulsive. However, momentum has noticeably weakened. Each push into resistance lacks follow-through, while bounces from support are becoming less aggressive. This suggests buyers are absorbing supply, but not yet strong enough to force a breakout. The market is effectively coiling, compressing volatility between supply and demand. From a trading perspective, ETH is currently in a high-risk middle-range zone. The higher-probability opportunities will come from reactions at the extremes: A clean rejection from resistance keeps the bias short-term bearish, opening room for a deeper pullback toward 3,200–3,150. A strong breakout and acceptance above 3,420 would invalidate the range and signal trend continuation toward higher expansion targets. ➡️ Market state: Range / consolidation ➡️ Key resistance: 3,380–3,420 ➡️ Key support: 3,260–3,280 ➡️ Bias: Neutral-to-bearish below resistance, bullish only on confirmed breakout Until the range resolves, ETH is best treated as a reaction-based market, not a directional one.