ETH Price Breaks Above Key Weekly Structure

The Ethereum price has been experiencing notable upward pressure after failing to hold above $2500. This has led to a situation where the token is underperforming slightly, primarily driven by a macro shock that triggered a cascade of leveraged long liquidations.

Ethereum needs to hold above $2,320 to maintain its bullish structure. The Ethereum price chart shows a notable change in structure after forming major lows around $880, $1,350, and $1,500, ETH has gradually recovered and now appears to have broken above the $2,370 weekly structure.

The breakout is crucial as it represents the first major weekly structure. If ETH holds above this area, the breakout could strengthen the case for a sustained uptrend. However, a breakout without clear increase in trading volume would be less convincing.