Ethereum Consolidates Above $2,500 Amid Resistance Testing Near $2,700
Ethereum Update
Ethereum is consolidating above $2,500, indicating resilience amid market volatility. Key points include:
- ETH remains near the critical resistance level of $2,700 after attempts to break through.
- Analyst Big Cheds highlights a return to a key moving average, with potential for upward movement or rejection.
- A breakout above $2,700-$2,800 may indicate a market shift towards altcoins.
- The price structure shows higher lows, supporting a bullish outlook and potential altseason.
- Current support levels are being tested around $2,614, with key moving averages providing dynamic support.
Critical zones to watch include:
- Support at $2,580-$2,600; holding this range is essential for bulls.
- A drop below the 100-period SMA may lead to further declines to $2,500 or $2,400.
The overall structure remains bullish, but traders should monitor for imminent breakout signals as price action forms a tightening wedge pattern.
