Ethereum Maintains Crucial Support Levels as It Aims for a Breakthrough

Ethereum’s daily chart displays indications of robustness, with price movement stabilizing above the support threshold and momentum indicators maintaining their position. The arrangement implies that ETH is establishing a strong basis for its subsequent action.

Break Above Resistance Might Initiate New Rally

ARZTrader released an update on X, indicating that the Ethereum price is maintaining its position above the critical support area at $2,415. This threshold serves as a sturdy base as the price consolidates below the 21 Exponential Moving Average (EMA).

ARZTrader is closely monitoring for a daily closure above the 21 EMA and the 2 Fair Value Gap (FVG) zones, signifying robust demand. Should ETH confirm this clear break, ARZTrader anticipates a rebound toward the $2,740 to $2,900 range. With momentum increasing and technicals aligning, this may signify the start of Ethereum’s next upward movement.

According to Whitewalker, Ethereum’s configuration is optimistic with a clear structure, and corrections remain sturdy till the blue range of $2,300 to $2,345, a support zone that has consistently sustained. The next take-profit (TP) area is between $2,914 and $3,014.

If it ascends above that resistance range, Whitewalker predicts momentum to carry ETH toward a larger target region of $3,900 to $4,100. At present, ETH is trading and constrained at the 50 and 200 EMAs resistance. Nevertheless, if the Golden Cross is validated, ETH could see a sharp upward movement.

Ethereum is nearing a pivotal moment on the daily chart as price action constricts close to the apex of a significant megaphone wedge formation. ETH is pushing against critical EMAs around the $2,500 level.

TWJ News noted that a breakout above this wedge could trigger a rally, with target ranges spanning between $3,000 and $4,000. However, a fall beneath $2,360 would negate the bullish momentum, while volatility is anticipated to surge ahead.

Range Remains Active — Breakout Levels Clearly Outlined

Technical analyst and trader, Daan Crypto Trades, disclosed that Ethereum has reverted to the $2,313 and $2,736 range after a decline that cleared out liquidity and stop-loss orders situated beneath the range, as seen on the 4-hour chart.

Daan Crypto Trades highlights $2,500 as the point where the bulk of volume has been transacted and also identifies it as the mid-range of the structure. As long as the price lingers around this zone, the market remains balanced. An escalation above $2,500 could pave the way for ETH to revisit the $2,700 to $2,800 area, which has presented resistance for an extended period.

Featured image from Getty Images, chart from Tradingview.com

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