Ethereum’s price has been stuck between $2,650 and $2,750 for a while now, leaving everyone a bit unsure about what’s next.
A Tight Range and Uncertain Future
The price is bouncing around, with buyers and sellers battling it out. Breaking above $2,800 is key; it’s a significant resistance level that could signal a major move. While the long-term picture is hazy, Ethereum is trading near important support levels. However, consistent selling pressure is keeping things muted, and some are getting worried. There’s a fear that falling below $2,600 could trigger a bigger drop.
The Bullish Case: A Multi-Year Triangle
But not everyone’s panicking. Some analysts, like Jelle, see a different story. Jelle points to a multi-year “ascending triangle” pattern on the charts. Historically, these patterns often lead to significant price increases. If Ethereum can hold above current levels and break through $2,800, a rally towards $3,000 is possible.
Key Levels to Watch
Ethereum is currently caught between important support and resistance levels. Holding above $2,700 would be a good start, showing some bullish strength. But to really confirm a recovery, it needs to reclaim $2,800 and then $3,000. Failing to do so could mean a drop towards $2,500. Jelle’s analysis suggests that a breakout is likely, as liquidity has been taken out on both the upside and downside.
Short-Term Uncertainty Remains
Ethereum’s recent sideways trading around $2,720 shows a lack of clear direction. Bulls need to push the price above $2,800 quickly to change the mood. Holding above $2,700, and even $2,600, is crucial for maintaining positive momentum. Breaking above $2,700 could bring more buyers in, but falling below $2,600 could lead to a more significant drop. The next few days will be critical in determining whether Ethereum can start a sustained upward trend or if the bears will win out.
