Ethereum Price Faces Crucial Resistance Zone

The Ethereum (ETH) price has made significant gains since June's $1,510 support level, where a double-bottom pattern formed.

The rebound was slow to take hold, with ETH struggling around the neckline of the pattern from mid-July into mid-August. However, in late August, the token finally broke through and rose to $2,535.

Currently, ETH is facing its first real test as it grapples with a crucial resistance zone between $2,383-$2,495. If the price can maintain above this range and turn it into demand, September could become an exciting month for ETH, with potential targets of $2,791 and $3,381.

However, if the price fails to hold above this range, the setup becomes much less appealing, and a sell-off could send ETH back towards the 200-day EMA around $2,150.