Analyst Warns Shorting Ethereum Near $2,950 Ignores Higher-Low Pattern Since December 2025

An analyst argues that Ethereum's recent trading around $2,950 is being misread, noting a tightening triangle of higher lows on the daily chart that has formed since December 2025. He believes the key risk is trying to short ETH while support at $2,860 and $2,780 remains intact, as holding these zones could send price back toward resistance just under $3,340. Despite weaker spot ETF flows and softer sentiment, large managers are still active in Ethereum, including a proposed staked ETF and a major firm lifting its staking exposure above 1.94 million ETH.