Ethereum holds near $2718 as analysts watch for breakout

Ethereum's price hovered near $2,718 on October 6, showing resilience despite a five-session streak of withdrawals from US spot Ether ETFs totaling $206 million. Despite this bearish signal, the cryptocurrency remains above key technical support levels, including its daily moving average and 4-hour Supertrend support, suggesting underlying strength.

Analysts remain optimistic about a potential breakout after weeks of sideways trading. Michaël van de Poppe predicted a significant move, stating, 'It’s just a matter of time before we’ll be seeing a big breakout taking place.' Altcoin Sherpa echoed this sentiment, noting Ethereum's strength but emphasizing that a broader market move led by Bitcoin could be necessary for a sustained breakout.

Technical indicators highlight key resistance levels near $2,780, $2,790 and $2,800, with substantial liquidation clusters just above and below current prices. The 4-hour Chaikin Money Flow indicator shows positive buying pressure, while the daily chart places Ethereum within a narrow range between $2,679 and $2,808. A break above these levels could extend the September recovery, while a drop below $2,679 would shift focus to lower support levels.