The algos have been propping up ETH all last night and today—- textbook

Eth has been propped up all morning. They kept it up buying each dip at 2940. This what happening is they keep it up all throughout the Asian and European/London sessions so that VWAP finally advances to the level and induces a hard floor on price. Once VWAP is set then all market participants accept that fair value for the day and there is less downside chance now.

The algos are highly dependent on VWAP as with all other eyes

This type of price action typically reflects intent rather than randomness. Repeated dip buying at a precise level suggests that larger participants are actively defending a reference price to shape intraday structure. By sustaining price through lower-liquidity sessions, they allow time-based indicators like VWAP to drift upward without requiring aggressive upside expansion. As VWAP rises to meet price, it becomes a point of consensus across discretionary traders, execution desks, and systematic strategies.

Once that consensus forms, downside pressure weakens because selling below VWAP is increasingly viewed as unfavorable risk-reward. Liquidity providers also tend to fade downside moves once VWAP aligns with the defended level, further reinforcing support. This creates a feedback loop where stability encourages participation on the long side, while short-term sellers become more cautious. In effect, the market transitions from defense to acceptance, making sustained downside less likely unless a new catalyst disrupts the established fair value.

Bullish that it just broke out a multi week down-trend….I'm not long nor short biased