Ethereum Remains Consolidated Between $2,400 and $2,800 Amid Market Uncertainty
Ethereum (ETH) is consolidating between $2,400 and $2,800 due to geopolitical tensions affecting global markets. Recent volatility resulted in a failed breakout above resistance, with ETH struggling for momentum.
- The $2,400 level has proven to be strong support, while $2,800 remains a critical resistance point.
- Analyst Jelle notes ETH's consolidation below resistance suggests a potential major move as price action tightens.
- Bulls are attempting to hold the $2,600–$2,700 range after recent fluctuations.
- A confirmed breakout above $2,800 could lead to aggressive buying and a broader altcoin rally.
- Conversely, some analysts warn of risks if ETH gets rejected at resistance, which could lead to retracement toward $2,400.
Technical Overview
Currently priced at $2,606, ETH faces multiple rejections around $2,800. The asset has defended the $2,500 area, supported by a rising 100-period moving average.
- Recent bullish activity shows that buyers are defending key structure, though volume remains low.
- The 50-period moving average is above the 200-period MA, indicating a medium-term bullish outlook if support holds.
- A clean break above $2,800 may trigger upward movement toward $3,000; failure to maintain support could lead to a drop to $2,400.
