$ETH shows a decisive volatility shift as macro pressure builds

$ETH is pulling back toward a key demand zone near three thousand while volatility signals are tightening after a multi month expansion.

The HV10 indicator shows repeated volatility spikes followed by quick resets, a pattern that often precedes larger directional moves.

$ETH is now approaching the lower boundary of its recent structure, making the next few sessions critical.

What makes this setup more interesting is the divergence with the S&P 500. Equities remain elevated with steady momentum while $ETH weakened earlier, signaling crypto is reacting faster to risk factors.

Historically, such gaps tend to close either through a relief bounce in $ETH or a delayed correction in equities.

If $ETH holds three thousand with a volatility contraction, a sharp rebound could follow. A clean breakdown however may trigger accelerated downside as volatility expands again.

This is a watch-closely zone for traders looking for high-probability setups.