Ethereum (ETH) is currently trading at $2,640, reflecting a 3.7% increase in the daily timeframe, as of the current writing (Source: Text 1).
Following last week's market shakeout, Ethereum is attempting to retest local range highs, but some analysts predict continued sideways movement for several weeks before a significant move (Source: Text 1).
Last week, ETH briefly hit a three-month high of $2,879 before the market correction triggered by the Iran-Israel conflict. Since early May, ETH has been consolidating between $2,400 and $2,680 (Source: Text 1).
Daan Crypto Trades notes that Ethereum has been rejected from the local range's resistance four times in the past month, compressing just below the $2,800 area (Source: Text 1). This level has been crucial, acting as both support and resistance since 2024.
Daan Crypto Trades suggests a break above $2,800 could lead to a move towards cycle highs around $4,000, while losing the current range could see a drop to $2,100 (Source: Text 1).
Merlijn The Trader highlights that ETH is now consolidating within its current range after breaking out of a multi-month falling wedge, which historically precedes a surge (Source: Text 1). The Relative Strength Index (RSI) is also retesting the recent breakout zone.
Merlijn The Trader points out similarities to the 2016-2017 period, where ETH experienced an explosive setup leading to a massive lift-off (Source: Text 1). The current market, with institutional backing, suggests a potentially amplified move compared to previous cycles.