Ethereum Breakout Faces Crucial Test Above $2,383-$2,495 Zone
The Ethereum price has made significant strides since June's $1,510 support, where a double-bottom pattern formed. The token struggled around the pattern's neckline from mid-July to mid-August but eventually broke out in late August, pushing ETH to $2,535.
Currently, the chart shows a cleaner bullish structure with a golden cross forming between the 50-day and 200-day EMA bands. This technical shift could support a longer-term rally if follow-up demand arrives.
However, ETH is currently wrestling with the $2,383-$2,495 range, which has been acting as supply. If the price can sustain above this zone and turn it into demand, September may become particularly interesting, with potential targets at $2,791 and $3,381.
On the other hand, if the price drops, it could send ETH back toward the 200-day EMA around $2,150. Additionally, Ethereum exchange balances have fallen by approximately 18% since June, which may be a significant factor in the market's movement.