Ethereum Grinds Sideways Above Key Support Ahead of Next Major Level

Ethereum's price action this week has been characterized by a strong start followed by a quieter end. The cryptocurrency began the week at around $2,575 on September 20 and surged to a weekly high near $2,800 on September 22.

However, the price was rejected at this level and gave back half of its gains, settling into a range between $2,650 and $2,700. It is currently trading at about $2,687.

The rejection at $2,800 was sharp, but the pullback stopped well above the $2,600 level that has held since the breakout. Sellers took profit, buyers absorbed it, and the price has been grinding sideways ever since.

Zooming out, the picture is clearly bullish. Ethereum broke out of its summer range at the start of September, jumped from below $2,000 to above $2,400 in a matter of days, and has since climbed further to $2,600 and beyond.

The 200-day EMA at $2,250 is far below the price and now rising, which confirms the trend change. The RSI sits at 63, just above its signal line and well below the overbought readings from early September.