ETH is currently retesting last Monday's price range. The previous expectation was to reach 3,430.49 before this wave of decline.

From a bullish perspective, the key is to hold the lower boundary of last week's range at 3,170.88. Once this level is stabilized, there is a chance to continue pushing higher, targeting the weekly high of 3,403.77, and then breaking through 3,430.49.

The bearish approach is the opposite—once the support of last week's range is broken, a downward trend will be triggered, with the target to retest the weekly opening price of 3,122.00.

Now, it all depends on which side can take control of the situation.