Ethereum has been caught in a tight trading range between $2,650 and $2,750 over the past week, creating uncertainty about its next move.
While the market remains indecisive, Ethereum is testing crucial demand levels, but ongoing selling pressure continues to suppress the price action.
Is Ethereum on the Verge of a Breakout?
Ethereum is currently facing resistance near the $2,800 zone, which has historically acted as a strong supply level.
According to analyst Jelle, Ethereum is still within a multi-year ascending triangle, a bullish technical pattern that suggests potential for a breakout.
If ETH can break above $2,800, it may open the door for a move toward $3,000. However, failure to reclaim these levels could lead to further downside, possibly targeting $2,500.
Key Levels to Watch
Ethereum needs to reclaim and hold above $2,700 for any bullish momentum. A sustained push past $2,800 would confirm a recovery, while failure to hold key levels like $2,600 could lead to a deeper correction.
The coming days will be crucial in determining whether ETH can reclaim its bullish momentum or if selling pressure will take over.
