Ethereum Trades Near Key Range at $3,301, Analysts Eye a Potential Turning Zone for the Next Surge

Ethereum trades near $3,301, forming a corrective base that could precede a major upward surge.

Historical ETH cycles show each breakdown leading to strong recoveries and new bullish phases.

$97M outflows show short-term caution, but ETF inflows confirm steady institutional accumulation.

Ethereum trades near $3,301, positioned within a corrective phase that may precede a large upward movement. Analysts observe that Ethereum’s 3-day chart displays repeated breakdown and recovery cycles, where price forms consolidation bases before major surges. The current setup places ETH near a critical range that could serve as a foundation for renewed bullish momentum.

Repetitive Breakdown and Recovery Cycles Shape Market Structure

According to analysis prepared by Trader Tardigrade, Ethereum’s historical price structure reveals consistent cyclical behavior. The chart shows that each breakdown has been followed by consolidation and a sharp recovery. The first major breakdown occurred near $200, leading to a rally beyond $4,000

A similar structure appeared near $1,000, producing another strong upward movement. The 3-day chart displays red horizontal zones marking breakdown points and yellow arrows representing recovery projections. Blue arrows trace previous corrective movements that transitioned into breakout phases

Trader Tardigrade explained that “the ETH/3-day structure demonstrates that a breakdown phase often precedes a massive surge.” The current pattern mirrors previous cycles, placing Ethereum near a potential turning zone that may precede upward continuation.

Market Data Shows Cautious Sentiment Despite Institutional Activity

According to CoinGlass data, Ethereum recorded $97.4 million in net outflows on November 7, showing continued selling pressure across exchanges. Traders appear to be reducing exposure as open interest dropped 3.62% to $38.24 billion, while options open interest decreased 4.25%. Long positions are being unwound faster than shorts, confirming defensive market positioning.

Source: KamranAsghar(X)

Despite short-term selling, institutional inflows remain visible. ETF data from November 6 showed $12.5 million in net inflows, with BlackRock accounting for $8 million. Analysts view this as confirmation of long-term demand

According to Kamran Asghar, Ethereum is retesting a multi-year structure around the 0.618 Fibonacci level near $2,700, aligning with historical trendline support. The current setup places Ethereum at a crucial structural point. Historical data supports that each breakdown phase has been followed by a surge, suggesting that the ongoing correction could form the next base for recovery.

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