Recently, Ethereum is showing signs of recovery, but overcoming the critical resistance level is essential for sustained growth.
Current Market Situation of Ethereum
Ethereum established a local bottom at $2,111, followed by a sharp rebound. However, this rise appears more like a short squeeze than a genuine trend reversal. The price has returned to a crucial resistance zone around $2,600.
Key Technical Levels
The $2,600 resistance level, previously a strong support area, has now become an obstacle to further growth. This zone is characterized by the convergence of several technical indicators, including the point of control, volume-weighted average price, and the 0.618 Fibonacci retracement level, making it challenging to reclaim without significant trading volume and bullish sentiment.
Price Movement Forecast for Ethereum
Ethereum is at a significant inflection point. A confirmed breakout above $2,600 could reignite bullish structure and open the door to higher levels around $2,800. Conversely, failure to break through might lead to a pullback toward $2,227 and potentially to $1,790, which would serve as a critical support level for further corrections.
In summary, for Ethereum to regain bullish momentum, it must overcome the $2,600 level. Otherwise, the price may face corrections and additional declines.
