$ETH – On the high-timeframes, the picture remains largely unchanged.

The price has bounced off the high-timeframe support range marked in green, a zone that has repeatedly acted as a major reversal area throughout 2024. This range also aligns with the Weekly Bull Market Support Band, which I consider the final line in the sand for Ethereum.

As long as the price holds above this band, the most likely outcome remains further upside.

However, if the price fails to do so, that would be a clear sign of weakness, and in that case, I would look to hedge part of my spot holdings to mitigate short-term downside risk, as it could trigger a deeper low-timeframe pullback before a more durable reversal develops.

Looking ahead, the next key area to track is the high-timeframe resistance range, aligning with the golden pocket between the 0.5 and 0.618 Fibonacci POIs, where the price has previously faced rejection.

I believe that as long as Ethereum trades below this range, the best approach is to keep a moderate cash allocation and prepare for further sideways consolidation within the broader high-timeframe accumulation structure.

This is why I’ve consistently emphasized the importance of avoiding leverage in recent months, as the short-term volatility remains unpredictable, even as the high-timeframe structure stays intact.

Overall, I remain bullish on Ethereum and I still believe that in the coming weeks and months, as we move deeper into a risk-on environment driven by the macro conditions and approach the cycle top, Ethereum is likely to outperform Bitcoin.

That said, being bullish doesn’t mean being reckless, I continue to keep a moderate cash allocation and a diversified portfolio across multiple industries and defensive sectors, ensuring I can adapt quickly in the event of an invalidation, such as a confirmed break below the Weekly Bull Market Support Band