Current Market Structure:
ETH/USD has been consolidating within a well-defined range since early February.
The support zone is around $2,400 – $2,450, while the resistance zone is between $2,800 – $2,900.
A clear downtrend line from previous highs suggests an overall bearish bias, but price has not yet broken out of the range.
Possible Scenarios:
1. Bullish Breakout Above $2,900:
If ETH/USD breaks and closes above this resistance, it could signal continuation of bullish momentum towards $3,000+.
Buyers would likely step in aggressively, aiming for $3,200-$3,400, aligning with previous structural highs.
2. Bearish Breakdown Below $2,400:
A breakdown below this key support level would confirm a bearish continuation, targeting $2,200 – $2,000.
A high-volume sell-off could even push ETH/USD toward the $1,800 psychological level.
3. Continued Range-Bound Movement:
If neither side breaks decisively, ETH/USD is likely to continue oscillating between these levels.
Traders can fade the range (buy support, sell resistance) until a breakout occurs.
Key Levels to Watch:
Breakout Confirmation: Above $2,900 with strong volume.
Breakdown Confirmation: Below $2,400 with increased selling pressure.
Rejection Signals: Wicks or false breakouts at key levels could indicate fake moves.
Final Thoughts:
A breakout from the range zone will dictate ETH’s next major move.
Traders should wait for confirmation before positioning heavily.
Volume and market sentiment will be key indicators of the breakout’s strength.