Ethereum Tests Critical Support Levels as Market Awaits Next Move

Ethereum Trading at Critical Levels

Ethereum is testing critical demand levels, trading within a six-week range established since early May. Recent price fluctuations show:

ETH peaked near $2,800 earlier but retraced to around $2,400.
Current price action suggests buyers are defending the $2,360–$2,400 support zone.
A decisive breakout from this consolidation could lead to significant market momentum.

M-log1, a noted analyst, indicates that ETH may have already bottomed during the last retrace, viewing the current activity as accumulation rather than weakness. The ETH/BTC ratio is also near support, signaling potential altcoin rotation if Ethereum maintains its position or rises.

Market Context and Resistance Levels

Ethereum's price remains constrained between $2,360 and $2,700 amidst global tensions and economic uncertainties. Key observations include:

The long-anticipated altseason has not yet commenced, with ETH playing a critical role in smart contracts and DeFi.
Recent analysis suggests the low at $2,360 may be a local bottom.
A reclaim of $2,450 could act as a bullish trigger for further upward movement.

Currently priced at $2,405, ETH is down 4.17% from recent highs, having tested a low of $2,367. The price remains below the 200-day moving average ($2,774), indicating strong resistance ahead. Key moving averages are positioned below current prices, tightening the range and suggesting potential volatility upon breakout.

Trading volume remains elevated, highlighting active competition in the market. A close below $2,360 could lead to further declines toward $2,100, while a sustained move above $2,500 may pave the way for upward momentum towards $2,700–$2,800.