Ethereum (ETH) is currently trading in a narrow range near a critical technical area, capturing the attention of market participants who are closely monitoring its potential breakout or breakdown. On one side, the BBTrend indicator has flipped strongly bullish, surging to 4.99 after touching -3 just a day prior. This sharp rise in the indicator suggests increasing upside momentum, indicating that buyers may be gaining traction.

Conversely, the activity of whales—large wallets holding between 1,000 and 10,000 ETH—has continued to decrease for the seventh consecutive day, falling to 5,378 from 5,427 ten days ago and 5,400 three days ago. This prolonged decline in whale activity could be perceived as a potential sign of waning institutional confidence, as these entities often play a significant role in setting market trends. Whales are considered key indicators of institutional sentiment due to their ability to influence market dynamics through their trading activities. An uptick in whale activity typically signals accumulation and bullish conviction, while a sustained decline might imply profit-taking, risk aversion, or reduced confidence in the asset's short-term performance.

The BBTrend, also known as the Bollinger Band Trend, is a technical tool that assesses the directional strength of price movements relative to the Bollinger Bands. A value above zero denotes upward momentum, whereas a value below zero indicates bearish pressure. The current reading of 4.99 reflects robust bullish momentum, which could foreshadow additional gains for ETH if this trend persists or intensifies. Market participants may interpret this as a shift in sentiment and positioning, prompting more traders to join the bullish camp.

Ethereum's price remains caught between a strong resistance level at $2,900 and a crucial support level at $2,679. Should the asset fail to maintain its position above the resistance, it could trigger a downward movement towards the next support level at $2,479, with a possible further drop to $2,326 if bearish momentum accelerates. These levels are pivotal, as breaching them would signal a change in the short-term market structure and potentially generate further selling pressure.

In contrast, the recent bullish reversal indicated by the BBTrend suggests that buying pressure may be forming. If Ethereum manages to regain momentum and successfully retest and break through the $2,900 resistance, it could pave the way for a rally toward $3,000, a level not breached since February 1. Such a move would likely bolster bullish sentiment and attract renewed participation from sidelined traders. However, for this scenario to materialize, bulls will need to reclaim lost territory and transform $2,900 into a stable support zone.

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