Ethereum (ETH) has staged a remarkable recovery, reclaiming its crucial $2,200-$3,900 macro range and setting up for a potential surge to $2,850. This technical breakthrough comes amid broader altcoin market strength, with ETH leading the charge with a 45% weekly gain.
Technical Analysis Points to Continued Upside
After breaking through multiple resistance levels, Ethereum has established a new trading range between $2,400-$2,600, with the recent two-month high of $2,624 signaling strong bullish momentum. Market analyst Castillo Trading notes that this consolidation phase is crucial for building a stable base before the next leg up.
Key Price Levels to Watch
- Current Support: $2,400-$2,500
- Major Resistance: $2,600
- Next Target: $2,850-$2,900
- CME Gap Zones: $2,300-$2,400 and $2,100-$2,200
Potential Pullback Scenarios
While the overall trend remains bullish, analysts warn of possible short-term volatility. Rekt Capital identifies two critical scenarios:
- Minor Dip: Retest of $2,468 support level
- Deeper Correction: 10-15% pullback to $2,100-$2,200 range
Macro CME Gap Target
A significant technical factor supporting the bullish case is Ethereum’s unfilled Macro CME Gap between $2,900-$3,350. Historical data suggests these gaps typically get filled, providing a potential roadmap for ETH’s next major move.
FAQ
Q: What’s driving Ethereum’s current rally?
A: The surge is supported by technical breakouts, increased institutional interest, and overall crypto market strength.
Q: Could ETH reach $3,000 in this move?
A: While possible, the immediate focus is on the $2,850-$2,900 resistance zone before targeting higher levels.
Q: What are the key support levels to watch?
A: The most important support zones are $2,400-$2,500 and $2,100-$2,200 if a deeper correction occurs.