Ethereum Holds Above $2,600 Amid Bullish Breakout Expectations
Ethereum Price Overview
- Ethereum is trading above $2,600 after surpassing the $2,500 mark.
- Despite global macroeconomic challenges, ETH shows resilience and potential for a breakout.
- Analyst Ted Pillows noted Ethereum has posted four consecutive two-week green candles, similar to Bitcoin's pre-bull run in early 2020.
- The current consolidation may signal a bullish continuation if ETH breaks resistance levels near $2,700–$2,800.
Market Sentiment and Technical Analysis
- ETH consolidates around $2,607, maintaining support above the 34-period EMA near $2,594.
- Recent price actions show higher lows, indicating bullish pressure amid market indecision.
- Key support is found around $2,590–$2,600; a break above $2,680 could lead to further gains towards $2,800.
- A drop below $2,590 might trigger a pullback to $2,500 or lower.
