Ethereum in Bullish Consolidation as Key Levels Approach

Ethereum (ETH) is currently in a bullish consolidation phase, according to the latest technical analysis from ZebPay. The daily chart shows ETH holding above the former breakout zone, with a rising short-term trendline supporting the price. However, the asset is nearing resistance levels, making market entry at current highs riskier.

A decisive daily close above $2,800, accompanied by strong volume, would confirm the bullish trend and pave the way for further upward movement. Conversely, a daily close below the rising trendline and $2,600 would weaken the bullish structure, potentially leading to a deeper correction.

The broader trend remains bullish, with ETH breaking out from the $2,350 to $2,550 consolidation zone and advancing toward $2,800. The breakout was supported by strong volume, indicating credible buying interest. Currently, ETH is consolidating between $2,700 and $2,750, with the rising trendline acting as immediate support.

Candle analysis reveals strong buying pressure during the rally, while recent small-bodied candles with wicks suggest a balance between buyers and sellers. Volume has moderated during the consolidation phase, which is considered healthy but would need to rise for a stronger upside breakout.