Ethereum's Price Breakout Hinges on a Close Above $2,535

Ethereum's price has been trading in a narrow range around $2,500, with buyers defending short-term support but unable to break above $2,535.

The 4-hour chart shows ETH below its 20-period moving average at $2,490 and the CMF fell to -0.09, indicating net capital leaving the asset.

Despite this, some analysts believe that a close above $2,525-$2,535 could open up a move towards $2,550 and $2,600, while others warn that losing the $2,478 pivot would weaken the setup and bring $2,435-$2,445 back into play.

The 200-period moving average remains at $2,243, showing that ETH's medium-term structure has not broken despite its inability to clear nearby resistance.