Ethereum is now at a crossroads, and it’s really hard to say which way it will break out.

Let’s start with the resistance side. The moving averages have been completely suppressed, forming a classic bearish alignment. Even worse, the MACD has formed a death cross below the zero line, and trading volume is increasing—which means selling pressure is intensifying, making it tough for a short-term upward move.

But don’t rush to go fully bearish either. At the $3,020 level, there was an engulfing pattern, and the daily candlestick closed nicely, which technically provides a foundation for a rebound. More importantly, on-chain data shows that whale addresses are quietly accumulating, and the moves of these large players often provide a market floor.

So what should you do? If you want to try your luck with short-term trades, keep a close eye on support and resistance levels to play the swings, but remember two principles: keep your positions light and always set a stop loss. If you’re planning for a medium- to long-term position, hold off for now—wait until the market direction becomes clearer. At this point, patience is more important than impulsiveness.