Ethereum Holds Above Key Resistance Zone Amid Ongoing Price Consolidation
According to the latest technical analysis report for Ethereum (ETH), the cryptocurrency continues to maintain a bullish medium-term structure on its daily chart. Since establishing a major bottom around $1,550-$1,600, ETH has gradually recovered and reclaimed the $1,850-$1,900 region before breaking out strongly toward the $2,500-$2,650 area.
The most significant development since the previous report is that ETH has continued to hold 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.
The daily chart shows a clear sequence of events: major bottom, recovery, major breakout, impulsive move, and current consolidation. While the market is waiting for a decisive breakout above the major resistance zone of $2,550-$2,650, the volume profile supports the bullish interpretation.