Ethereum has experienced a prolonged consolidation below key resistance levels, struggling to find momentum as it continues to trade sideways. The price has been closing between $2,650 and $2,750 for the past week, creating uncertainty in the short term. With ETH facing selling pressure and unable to reclaim the $2,800 mark, investors are growing concerned about its ability to recover.
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Despite the recent choppy price action, some analysts believe Ethereum could be gearing up for a bullish move. Crypto expert Carl Runefelt shared a technical analysis on X, stating that Ethereum has been forming a bullish pattern on the daily time frame. If this pattern plays out, ETH could see a strong breakout in the coming days.
Ethereum is holding at crucial demand levels, making the next move critical for its short-term direction. If buyers step in and reclaim the $2,800 level, it could signal a trend reversal and open the door for a rally above $3,000. However, failure to hold support could lead to further downside, increasing selling pressure. With uncertainty looming, traders are closely watching ETH’s price action for confirmation of its next move.
Ethereum Consolidation Continues
Ethereum investors are trying to stay calm amid ongoing volatility, but fear continues to grow that ETH could see further downside if it fails to reclaim key levels. The price remains stuck in a tight range, trading between crucial liquidity levels of short-term demand and supply. Market sentiment is divided—some investors anticipate a deeper correction and prolonged consolidation, while others believe Ethereum is on the verge of a recovery rally.
Runefelt’s analysis on X states that Ethereum is forming a symmetrical triangle pattern and could break out “any hour now.” According to Runefelt, the target for this potential breakout is $3,055, a level that could serve as a turning point for ETH’s short-term trend. However, Ethereum must first reclaim the $2,800 mark and hold above it to confirm the start of a recovery phase.
If Ethereum successfully breaks above this resistance, it could trigger a strong rally, pushing prices back toward the $3,000 level. On the other hand, failure to hold support could lead to another wave of selling pressure. With uncertainty looming, all eyes are on ETH as…
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