Ethereum is currently trading at approximately $2,850, reflecting a modest increase of 1% over the past 24 hours. However, the cryptocurrency has experienced a decline of 10% in the last week, with trading volumes reaching $23.8 billion in the past day.
Analyst Merlijn The Trader has identified a recurring price structure on Ethereum“s two-week chart, which follows a pattern of three distinct moves. The first is an impulsive rally, followed by a corrective drop, and typically culminates in a breakout leg. As it stands, Ethereum appears to be in the second phase of this cycle. This specific structure has manifested three times since 2022, consistently moving within an ascending channel. The current drop from $4,950 to the $2,600–$2,800 range mirrors earlier corrections, with this zone identified as a “discount zone” on the chart.
Importantly, the support trendline established from previous lows remains intact. Should this pattern continue to unfold, analysts speculate that Ethereum could potentially reach $9,000 in a subsequent move.
In terms of support and reversal zones, trader Lennaert Snyder noted that Ethereum failed to maintain levels above $2,880, indicating that a short scenario has been triggered. For those considering long positions, he is monitoring the $2,680 support level and the possibility of a sweep down to $2,620. Additionally, a daily demand zone is located at $2,570, which may serve as a reversal point for traders.
CryptoPotato has reported that the $2,872 level aligns with realized price data, resembling a potential bottom based on on-chain behavior. Historical lows have also rebounded near this level, which adds strength to the support if it can hold.
Furthermore, Ethereum”s performance relative to Bitcoin is under scrutiny. Analyst Michaël van de Poppe highlighted that the ETH/BTC pair is currently trading at 0.0325, a level that has previously acted as a base. A bounce from this range could signal a trend reversal, with the pair having gained over 140% in its last bounce from this area. The pair has been consolidating within this range for several days, raising anticipation for a potential shift in momentum.
