Market context
Ethereum finished the past week trading at $2,709, up more than 11% in dominance terms and back above levels that had capped every rally since the spring flush. The move was clean on the way up. It has stopped being clean at the $2.
75K-$2. 82K supply zone, where CryptoPotato flagged rejection wicks on the daily chart Friday. Volume has thinned into the resistance, and the daily 50 and 200 moving averages are still separated, which is exactly why a golden cross would matter here rather than after the fact.
Broader crypto positioning is cautiously bullish, but bulls have been paying up for exposure into a level that has held three times in six weeks. ETH's reclaim of double-digit dominance says capital is rotating back into the majors after a summer where L2 tokens and meme rotations dragged flow. Whether that rotation has legs depends on whether spot buyers show up above $2,742 or whether the tape rolls back to the mid-$2,600s to shake out the crowd first.
Technical setup
The daily chart is the one to watch. ETH is compressing in a $2,648-$2,816 range with the 21-day EMA acting as short-term support near $2,660. Blockchain.
News put the trigger at $2,742 for a squeeze up to $2,816, with $2,648 the invalidation on the downside. That's a tight ~6% range and it will not hold for long. The 4-hour chart shows momentum indicators cooling from overbought after last week's push, which is healthy if buyers defend $2,680 on the retest.