ETH Consolidation Below Major Resistance: Decisive Breakout Needed

Ethereum remains bullish on its daily chart despite current consolidation below major resistance. The coin established a major bottom around $1,550-$1,600 and gradually recovered to reclaim the $1,850-$1,900 region. A strong breakout followed, pushing ETH toward the $2,500-$2,650 area.

The most recent development is that Ethereum has held above $2,300-$2,350 despite several attempts to move lower. The current price consolidation between approximately $2,350 and $2,550 indicates strong selling pressure around the $2,550-$2,650 region.

While ETH has now spent several weeks below major resistance, a decisive breakout above $2,600 could initiate the next major move toward $2,700, $2,800-$2,850, and eventually $3,000. Losing the key support zone of $2,350-$2,400 would weaken the bullish setup.