Ethereum [ETH] has underperformed compared to Bitcoin [BTC], with the ETH/BTC chart potentially forming a local bottom. A 5% upward move is likely, but further gains would need strong buying pressure. The daily market structure turned bullish after breaking the $2,464 high, with RSI above 50. However, the overall trend remains bearish since June, as the OBV shows weak buying pressure.

A bearish order block at $2.8k suggests strong resistance. Ethereum may test this level, but a breakout depends on broader market sentiment. The $2.8k-$3k zone has been a key support/resistance area, likely attracting sellers, though bulls could prevail if Bitcoin rallies.

High-leverage long positions at $2,647 and $2,621 may trigger a liquidity hunt. A short-term move toward $2.8k-$2.9k is expected, with further gains dependent on market sentiment and trading volume.