Ethereum is climbing after regaining the crucial support zone at $2,100, with short-term charts indicating that its rebound is approaching an important resistance area. This situation prompts us to consider a simple question: Can Ethereum maintain enough time at the support level to extend to $2,800, or will a pullback occur first?
Ethereum Returns to $2,100 Zone, Opening Path to $2,800
The chart structure is quite clear. After hovering below the $2,100 area, Ethereum has broken back into the larger range between $2,100 and $2,800. Therefore, this area now serves as the first significant support level. If Ethereum can hold above this, the next target will be close to $2,851, a price level that was significant in 2024. This level also aligns with the upper boundary highlighted on the chart.
Meanwhile, the chart also shows that Ethereum's trading pattern is relatively horizontal rather than exhibiting a clear trend breakout. Daan Crypto Trades agrees with this assessment. He believes that as long as the $2,100 support holds, the path to $2,800 remains open. However, this trend still needs confirmation. If the price quickly falls back below $2,100, it would weaken the current rebound and shift attention to lower support areas.
The broader context is equally important. Ethereum is still far below its historical high of nearly $4,089 in 2021, as well as another marked resistance level at $3,349. Therefore, despite the recent seemingly positive movement, Ethereum remains within a broader multi-year range. In other words, this is merely a range repair, not a complete bull market breakout.
The current main interpretation is quite simple. Ethereum has returned to a major support zone, providing sustained upward pressure on the price. If the $2,100 support remains intact, $2,800 will become the next key observation level. If this support fails, the market may retreat to the $1,808 area.
Ethereum Approaches Wave (3) Top, Pullback Zone Forms Around $2,200
Ethereum is currently trading at approximately $2,327, having completed a strong upward wave consistent with a potential wave (3) structure. The chart shows that the price has reached the 1.38 Fibonacci extension level of $2,344, which typically serves as a short-term resistance level. Thus, momentum seems to be slowing in this area.
Meanwhile, the chart structure indicates that Ethereum may be entering a corrective phase. Fibonacci retracement levels show that the key support zone lies between $2,234 and $2,145. This area has become crucial. If the price pulls back to this range and stabilizes, it would support the view of a wave (4) correction before further upward movement.
The chart also shows a broader upward trend, forming higher lows since $1,755 and $1,919. This structure maintains the integrity of the short-term trend. However, the price remains below the next resistance level of $2,468, which aligns with higher Fibonacci extension levels.
Man of Bitcoin points out that if the price breaks below $2,145, it would weaken the current wave structure. In this case, the pattern would no longer support a sustained upward sequence, and downside risks would increase.
Currently, Ethereum is positioned between the resistance and support of the 1.38 extension level.