Ethereum is moving higher after reclaiming a major support area above $2,100, but short-term charts show the rally is approaching a key resistance zone. When you put the two settings together, a simple question arises: $ETH Will it hold above support long enough towards $2,800, or will a rebound begin first?
Ethereum regains $2.1 million zone, paving the way to $2.8 million
Ethereum It has returned above the key high area from around $2,100 to around $2,166. That zone is the most important right now. The chart shows that $ETH It has rebounded from support near $1,808 and pushed into the range where it will trade for much of 2024. As a result, recent moves have shifted focus from a downside recovery to whether prices can sustain this reclaimed area.
Ethereum price chart. sauce: daian crypto trade
The structure on the chart is clear. $ETH After spending time below that, it has returned to a wide range of $2.1,000 to $2.8,000. Therefore, this zone now serves as the first important support area. If Ethereum breaks above this level, the next target could be around $2,851, which marks a key range level in 2024. This level also coincides with the upper limit highlighted on the chart.
At the same time, the chart suggests that $ETH It is still trading level-to-level rather than a clean trend breakout. Daan Crypto Trades also points out this point. His view is that as long as $2.1 million is maintained, the path to $2.8 million remains open. However, this move still needs confirmation. An immediate rejection below $2.1,000 would weaken the recovery and bring attention back to the lower support zone.
The broader context is also important. Ethereum remains well below its 2021 all-time high near $4,089 and also below another notable resistance near $3,349. So while the latest move appears to be constructive, $ETH is still within the multi-year range. In other words, this is the first range recovery and not yet a full bullish breakout.
For now, the main reading is easy. Ethereum has regained a major support zone, which maintains upward pressure. If $2.1,000 holds, then $2.8,000 will be the next important level to watch. If this support fails, the market could return to the $1,808 area.
Ethereum has formed a pullback zone around $2.2 million, approaching the peak of wave (3)
Ethereum is trading around $2,327 after completing a strong rally along a potential wave (3) structure. The chart shows the price reaching the 1.38 Fibonacci extension around $2,344, which often acts as a short-term resistance level. As a result, momentum appears to slow down near this zone.
Ethereum price chart. sauce: bitcoin man
At the same time, this structure suggests that Ethereum may enter a correction phase. The highlighted Fibonacci retracement level places a major support zone between $2,234 and $2,145. This area will be important. If prices return to this range and sustain it, this would support the idea that a wave (4) correction will occur before further increases.
This chart also shows a broader uptrend with higher lows forming from the $1,755 and $1,919 levels. This structure has kept the short-term trend in place for now. However, the price is still below the next resistance near $2,468, which coincides with a higher Fibonacci extension level.
Man of Bitcoin points out that the current wave structure will weaken below the $2,145 level. In that case, the pattern will no longer be able to support the continuation of the upsequence and downside risk will increase.
For now, Ethereum is located between the resistance at the 1.38 extension and the support at the $2.2,000 zone. The next move will depend on whether the price maintains or breaks below this support range.
