The Ethereum price chartEthereum market shows signs of consolidation after its impressive 35% surge, with traders closely watching the $2,350-$2,500 range for directional clues.
ETH faces rejection near the psychological $2,600 resistance level
The 100-hour SMA at $2,400 provides immediate support
Bullish trendline breach at $2,500 signals short-term weakness
Fibonacci levels indicate potential accumulation zones
Market Structure Analysis
Following its outperformance against Bitcoin, Ethereum established higher lows above $2,350 before encountering selling pressure near $2,624. The current retracement finds temporary footing at the 61.8% Fibonacci level, drawn from the recent swing low of $2,272.
Market participants note increased volatility as ETH tests the convergence of its 100-hour moving average and horizontal support near $2,400. The breakdown of the ascending channel pattern suggests potential for extended consolidation before the next directional move.
Critical Price Zones
The $2,500 level now transforms from support to resistance, creating a key pivot point for traders. A sustained move above this zone could reignite bullish momentum toward $2,650, where previous liquidity pools await.
Conversely, failure to hold $2,350 support might trigger stop-loss orders, potentially accelerating declines toward the $2,220-$2,275 demand zone. The 76.4% Fib retracement at $2,350 coincides with institutional buying interest observed in recent weeks.
Technical Indicators Flash Mixed Signals
MACD histogram shows weakening bullish momentum
RSI retreats from overbought territory near 70
Volume profile indicates distribution near highs
On-chain data reveals increased exchange inflows
Market analysts suggest this pullback could represent healthy profit-taking after ETH's strong performance. The $2,200-$2,400 range contains multiple technical confluence points that may attract renewed buying interest if tested.