The Ethereum price action has recently been slow and sideways, with analysts waiting for a confirmed outbreak. Let’s take a closer look at what is happening in the charts.
Ethereum is confronted with a strong resistance of around $ 2,700 – $ 2,800
In the daily period of time, Ethereum is struggling to break between $ 2,700 and $ 2,800 above a strong resistance area. Every time the price arrives, it is confronted with sales pressure and is rejected.
If ETH succeeds in closing candles above $ 2,800, this can activate a bullish step to $ 3,200 – $ 3,300. But for now it continues to bounce between this resistance and the support level around $ 2,400.
ETH that moves sideways in a tight reach
The Ethereum price is currently moving between $ 2,400 and $ 2,800. It has been stuck in this reach for a while, without any clear outbreak in both directions. ETH seems to form an increasing triangular pattern, with higher lows and a horizontal resistance near $ 2,700.
An outbreak above $ 2,800 could push the prices to $ 3,100, while a breakdown under the support line of approximately $ 2,540 can lead to a decrease to $ 2,400 or even $ 2,200.
Is Ethereum in the last phases of a Bullish Golf?
According to Elliott Wave analysis, Ethereum can be up in the last stage of a 5th wave that started in April from around $ 1,380. It is currently assumed that ETH completes an A-Golf to the benefit. A small pullback (B-Wave) could follow soon, so that the prices for another possible rally have been brought to the support zone between $ 1,650 and $ 2,170.
However, if ETH can break above the recent swinghighs, this can confirm the bullish continuation. However, a break under $ 2,510 would weaken the bullish case, and a drop below $ 2,319 would further confirm a bearish movement.