Ethereum remains under pressure at a key support zone, oscillating between a potential rebound and further decline. As bullish patterns like the cup and handle and ascending triangle take shape, confirmation is necessary before any decisive moves.
Last Defense Zone: $2,274 to $2,104 and Libra Reversal Setup
Kamile Uray said that Ethereum is currently trying to hold above the critical support zone between $2,775 and $2,623. This area has become a key battleground for bulls and bears, with buyers attempting to defend it to avoid further declines. If this support continues to hold, ETH could regain near-term stability and attempt to rise again.
On the upside, a sustained rebound from this zone could allow Ethereum to revisit the pink box resistance around the $3,445 level. A clear break above this resistance would activate bullish structures such as a cup and handle or ascending triangle, signaling increasing bullish momentum and opening the way towards the $3,894 level. However, this becomes possible if ETH manages to close above the $3,661 high, thus confirming the formation of the first major high.
The $3,894 level has technical significance, as it represents the 0.618 Fibonacci retracement of the most recent bearish wave. A decisive close above this level would suggest a continuation of the rally. However, failure to sustain above this level could trigger further selling pressure and lead to another corrective move lower.
On the other hand, if Ethereum loses the $2,623 support, a deeper decline towards the pink box zone between $2,274 and $2,104 would be likely. This area is notable for the potential formation of a bullish Libra pattern. If a reversal confirmation emerges from this zone, ETH could attempt another phase of recovery, with the broader goal of retesting its previous highs.
Awaiting confirmation: ETH’s next move depends on price action
Ethereum is currently following the trajectory outlined by Crypto Candy in a recent update on If this bullish momentum persists, the immediate target for the bulls is a return to the $3,070 level.
However, for Ethereum to firmly re-enter bullish territory and alter the broader market structure, it must close decisively above the $3,070 threshold. This level constitutes the main entry point for any sustainable recovery beyond the current relief recovery. Until this breakout occurs, the dominant market bias remains firmly bearish, as the failure to recover and hold above $3,070 suggests that the path of least resistance is still to the downside, with lower prices remaining the primary near-term expectation.
