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Ethereum has experienced a prolonged consolidation below key resistance levels, struggling to find momentum as it continues to trade sideways. The price has been closing between $2,650 and $2,750 for the past week, creating uncertainty in the short term. With $ETH facing selling pressure and unable to reclaim the $2,800 mark, investors are growing concerned about its ability to recover.
Despite the recent choppy price action, some analysts believe Ethereum could be gearing up for a bullish move. Crypto expert Carl Runefelt shared a technical analysis on X, stating that Ethereum has been forming a bullish pattern on the daily time frame. If this pattern plays out, $ETH could see a strong breakout in the coming days.
Ethereum is holding at crucial demand levels, making the next move critical for its short-term direction. If buyers step in and reclaim the $2,800 level, it could signal a trend reversal and open the door for a rally above $3,000. However, failure to hold support could lead to further downside, increasing selling pressure. With uncertainty looming, traders are closely watching $ETH’s price action for confirmation of its next move.
Ethereum Consolidation Continues
Ethereum investors are trying to stay calm amid ongoing volatility, but fear continues to grow that $ETH could see further downside if it fails to reclaim key levels. The price remains stuck in a tight range, trading between crucial liquidity levels of short-term demand and supply. Market sentiment is divided—some investors anticipate a deeper correction and prolonged consolidation, while others believe Ethereum is on the verge of a recovery rally.
Runefelt’s analysis on X states that Ethereum is forming a symmetrical triangle pattern and could break out “any hour now.” According to Runefelt, the target for this potential breakout is $3,055, a level that could serve as a turning point for $ETH’s short-term trend. However, Ethereum must first reclaim the $2,800 mark and hold above it to confirm the start of a recovery phase.
If Ethereum successfully breaks above this resistance, it could trigger a strong rally, pushing prices back toward the $3,000 level. On the other hand, failure to hold support could lead to another wave of selling pressure. With uncertainty looming, all eyes are on $ETH as traders await confirmation of its next major move.
With Ethereum trading at a critical juncture, the coming days will be crucial in determining its short-term direction. If bulls sustain momentum and push the price above key resistance levels, confidence in a recovery rally will grow.
Price Testing Short-Term Supply
Ethereum is trading at $2,750 after nearly two weeks of struggling to reclaim the $2,700 level. While bulls have held above key support levels, $ETH remains stuck below crucial resistance, making price direction uncertain. The most critical level that bulls must reclaim is the $2,800 mark, which has acted as a strong supply zone for weeks.
If Ethereum closes above the $2,800 level and holds above it, bullish momentum could build up, leading to a breakout. The next major target would be the 200-day Moving Average, which sits around $2,930. A push above this moving average would signal strength and open the door for $ETH to test the $3,000 mark.
However, if $ETH fails to break above $2,800 and faces rejection, the market could see renewed selling pressure. This scenario would likely send $ETH back toward the $2,600 level, testing lower demand zones. With Ethereum trading in a tightening range, a breakout or breakdown seems imminent. Bulls need to step up and reclaim lost ground quickly, or bears may take control and push $ETH into lower price levels. The next few daily closes will be crucial in determining Ethereum’s short-term direction.
Featured image from Dall-E, chart from TradingView