Ethereum (ETH), the second-largest cryptocurrency by market capitalization and the backbone of the decentralized finance (DeFi) ecosystem, is presently trading at approximately $2,599, reflecting a modest increase of 6.09% over the last 24 hours. Recent market dynamics have captured the attention of both traders and analysts, particularly as Ethereum has emerged from a prolonged period of consolidation. With heightened interest from institutional investors, significant ETF inflows, and long-term holders actively accumulating assets, the ETH price finds itself at a decisive point, poised to break above a critical resistance level.
So, is this uptick merely a healthy correction before another downturn, or does it signify the beginning of a robust upward trend?
ETH Price Approaching $2600
Ethereum has been challenging resistance in the $2,460 to $2,520 range, a technical barrier it has struggled to breach convincingly. This area acts as a pronounced ceiling, with price action frequently encountering rejection. However, the cryptocurrency has managed to defend its support level around $2,100, indicating that ETH is building a compelling bullish case that could propel it to new heights.

The long-term price action appears increasingly promising as ETH has successfully surpassed the barrier at $2,540, reaching the critical $2,600 mark. Following significant volatility over the recent weeks, the upcoming weekly close may unveil levels not seen since February 2025. Furthermore, the weekly Relative Strength Index (RSI) is approaching a pivotal juncture as it encounters a descending trend line; a breakout above this line could signal a potential shift away from bearish momentum.
Moreover, the current weekly candle finds itself at resistance near the 200-day moving average (MA) at $2,642, while support rests at the 50-day MA at $2,431. A successful breach of this resistance could catapult prices into a critical zone spanning between $2,692 and $2,808. Should these levels be surpassed, Ethereum (ETH) could aim for $3,000, with a sustained bullish trend potentially pushing it to new all-time highs.
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