Ethereum: Blockspace ATH meets market reset – Is ETH preparing its next cycle?

All of this comes as Ethereum’s price sits inside its long-term “accumulation zone,” as shown by the rainbow valuation bands.

The market turbulence has already claimed high-profile casualties: Machi — a well-known whale — was liquidated again as ETH dipped, pushing his total losses past $18.9 million, while his brother exited earlier with a smaller hit but still remains well in profit.

Source: X

But despite the noise, the long-term value range is still intact. Every major ETH rally has started from these lower bands, when sentiment is weak and attention is elsewhere.

It’s the phase most traders ignore… and the one LTHs typically rely on.

A reset on the down low

ETH was trading below a key resistance zone near $3,400-$3,500, with sellers stepping in whenever price approaches that band.

At the same time, the RSI was close to oversold territory, rather than showing signs of a full breakdown.

Source: TradingView

The VRVP showed strong ETH activity around $3,000-$3,100, a level where buyers often step in. Meanwhile, the CMF indicated cautious inflows.

The market in reset mode. Weak, yes, but primed for a potential momentum change if buyers step back in.