- ETH currently trades at $3,489.96, with recent price action forming a discount zone of 10%–30% from local highs.
- Ethereum’s price remains above critical support, preventing deeper losses despite ongoing volatility in early August trading.
- Price recovery attempts face strong resistance at $3,670.40, keeping ETH locked in a tight, short-term trading range.
Ethereum’s price has declined to $3,489.96, marking a 7.2% drop over the past seven days. The pullback has opened a potential buying zone for traders watching the asset’s mid-term price structure. Ethereum is presently trading at a discount of 10- 30%cent local highs. This shift has led to a new sense of interest as prices approach a price support area of approximately $3,457.41.
Market participants are closely observing whether Ethereum can stabilize at this point or continue its downward correction. The current structure offers a well-defined zone for entries, as some traders view this as a technical dip opportunity.
Ethereum Holds Key Levels as Price Trades Within Tight Range
The short term technical support of Ethereum is at 3,457.41. Although the price has recently declined, it has remained above this value. This area has served like a floorboard, and can hold pressure downward in the meantime. Ethereum has been trapped in a small 24-hour trading range, which indicates that a breakout has not yet occurred due to broader market volatility. With current fluctuations limited between support and the $3,670.40 resistance, trading activity has shifted toward short-term positioning.
As this range tightens, attention has turned to whether support can continue absorbing selling pressure. If it fails, additional price compression could follow. For now, however, traders are treating the support level as a temporary anchor.
On the upside, Ethereum faces resistance near $3,670.40, which has held firm during recent price attempts to recover. This level marks the upper bound of the short-term range and reflects broader hesitation in the market. With price movements stalling between these two key levels, breakout confirmation remains pending.
Although some traders have considered re-entering positions during this drop, price remains range-bound. Breakouts above resistance have not yet materialized. As a result, Ethereum continues to trade sideways under this cap, limiting immediate bullish momentum.
Discount Zone Draws Market Attention During August Pullback
The current dip has positioned Ethereum at a 10%–30% discount from recent highs, drawing attention from technical traders. Notably, market analyst CryptoMichNL suggested that this range may serve as a potential entry point for those who missed previous moves near $3,900. This aligns with Ethereum’s positioning in early August, where volatility has intensified and valuations reset across major assets.
While price remains beneath short-term resistance, traders are actively assessing the trade opportunity within this temporary discount zone. Eyes remain on how Ethereum performs around its support threshold over the coming days.
