Ethereum Stabilizes Above $2,400 After Recent Market Volatility

Ethereum (ETH) has seen a pullback of over 10%, yet remains above the critical support level of $2,400. Key points include:

ETH is currently consolidating after failing to break below $2,300.
Technical analysis by M-Log1 shows ETH near the 200-period moving average on the 4-hour chart.
A reclaim of this moving average could lead to bullish momentum towards $2,600.
The market is evaluating whether this consolidation indicates a larger move for Ethereum and altcoins.

Market volatility has been influenced by tensions between Elon Musk and US President Donald Trump, affecting overall sentiment in financial markets. Despite these challenges:

ETH is bouncing back from recent lows, showing strength above $2,400.
M-Log1 identifies $2,600 as a potential target if key moving averages are reclaimed.
Technical support appears to hold, promoting confidence among investors.

ETH Weekly Chart Analysis

Currently trading around $2,475, ETH faces resistance at the 200-week SMA of $2,450. Observations include:

Recent price action shows rejection near $2,680, a historical resistance level.
If ETH does not close above the 200-week SMA, a pullback to the $2,300–$2,250 range is likely.
A strong weekly close above $2,700 could signal a broader rally in the altcoin market.

Overall, Ethereum's current market structure indicates a neutral-to-bullish outlook, with consolidation above the 200-week SMA being crucial for trend confirmation.