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Ethereum’s price action has been slow and sideways recently, with analysts waiting for a confirmed breakout. Let’s take a closer look at what’s happening on the charts.
Ethereum Faces Strong Resistance Around $2,700 – $2,800
On the daily time frame, Ethereum is struggling to break above a strong resistance area between $2,700 and $2,800. Every time the price enters this range, it faces selling pressure and gets rejected.
If ETH can manage to close candles above $2,800, it could trigger a bullish move towards $3,200 – $3,300. But for now, it continues to bounce between this resistance and the support level around $2,400.
ETH Moving Sideways in a Tight Range
Ethereum’s price is currently moving sideways between $2,400 and $2,800. It has been stuck in this range for a while now, without any clear breakout in either direction. ETH seems to be forming an ascending triangle pattern, with higher lows and a horizontal resistance near $2,700.
A breakout above $2,800 could push prices towards $3,100, while a breakdown below the support line around $2,540 might lead to a drop toward $2,400 or even $2,200.
Is Ethereum in the Final Stages of a Bullish Wave?
According to Elliott Wave analysis, Ethereum might be in the final leg of a 5th wave up which started back in April from around $1,380. Currently, it’s believed ETH is completing an A-wave to the upside. A small pullback (B-wave) could follow soon, bringing prices down to the support zone between $1,650 and $2,170 before another possible rally.
However, If ETH can break above recent swing highs, it could confirm the bullish continuation. However, a break below $2,510 would weaken the bullish case, and a drop below $2,319 would further confirm a bearish move.