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The broader market structure also highlights a breakdown from a descending triangle that formed from the $4,100 high. This pattern, often a sign of declining selling pressure, suggests a potential shift toward accumulation. The recent bounce indicates that buyers are defending key levels, yet ETH must overcome the 0.382 Fibonacci resistance at $2,881 to confirm a breakout.
Further, the 4-hour RSI remains neutral, showing that Ethereum is neither overbought nor oversold, allowing room for additional gains. If ETH can consolidate above $2,500, a bullish breakout scenario becomes increasingly likely. However, failure to hold support could see a retest of lower levels, with the 0.618 Fibonacci retracement at $2,125 acting as a crucial zone. Volume trends will be key in determining whether the recent rebound has enough strength to push through resistance or if selling pressure will continue to cap gains.
ETH Price Prediction
On the 1-hour chart, Ethereum appears to be forming a new impulsive wave structure. Recent price action suggests that wave (ii) has likely completed at $2,530, and wave (iii) may now be in progress. A breakout above the descending resistance trendline further strengthens this bullish outlook, with the next resistance near $2,881.
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