A bull trap wiped out Ethereum gains – Can support hold the line?

• Ethereum plunged nearly 15% from its weekly high of $2,878 after a sharp bull trap.
• With support under pressure, smart money may be eyeing this reset while the broader market de-levers.

Leverage cuts both ways in crypto, and Ethereum’s [ETH] past 72 hours are a textbook case. With macro FUD easing and risk appetite returning, Futures traders started front-running a potential breakout above $3,000.

But then came the snapback. The move turned into a classic bull trap, resetting overextended positions. At press time, ETH is down nearly 15% from its weekly high of $2,878, putting bulls firmly on the defensive.

Now, the focus shifts to support. According to AMBCrypto, holding is now critical to prevent a deeper wipeout. But will smart money see opportunity where others see risk?