Ethereum’s bullish momentum has weakened after breaching the middle trendline of a multi-month descending channel, resulting in muted sideways price action.
This consolidation phase could lead to a pullback, potentially setting up the stage for the next leg of the bullish trend.
Technical Analysis
By Shayan
The Daily Chart
Ethereum experienced a surge driven by increased buying activity in the perpetual and spot markets, breaking above the crucial $2.5K resistance level. This breakout signals buyers’ intent to push ETH toward its yearly high of $4K despite the prevailing bearish sentiment over the past few months.
Currently, Ethereum’s price is consolidating in a sideways pattern, hinting at a potential pullback toward the recently broken trendline. If the price retraces to the $2.5K level and finds strong support, the pullback will likely conclude, positioning Ethereum for a renewed push toward the channel’s upper boundary, around the $3K mark.
The 4-Hour Chart
On the 4-hour c
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