Ethereum Price Consolidates Near $2,800 Resistance Following Recent Market Shakeout
Ethereum Market Overview
Ethereum (ETH) is currently trying to retest the local range highs after a market shakeout last week. Analysts suggest that ETH may continue moving sideways in the coming weeks.
Recent Price Action
- ETH reached $2,879, a three-month high, before dropping due to geopolitical tensions.
- The price has stabilized between $2,400 and $2,680 since early May.
- Four rejections from the $2,800 resistance have occurred over the past month.
- This range serves as a significant support and resistance level since 2024.
Daan Crypto Trades indicates that this range is critical, with potential for significant price movement. A clear break above $2,800 could set up a move towards $4,000, while a drop below could target $2,100.
Potential Future Movements
- Merlijn The Trader notes ETH's consolidation following a breakout from a multi-month falling wedge.
- The current price action resembles historical patterns from 2016-2017, indicating possible upcoming surges.
- ETH is at $2,640, reflecting a daily increase of 3.7%.
