Ethereum is trading within a key price range that has drawn close attention from short-term investors. Analysts believe that maintaining the $2,300 level, or launching a strong move above it, could be a decisive factor in preventing deeper losses. Recent charts indicate that the short-term trend is being shaped at exactly this threshold.
Short-term risks and opportunity at crucial threshold
On the 4-hour chart, Ethereum is fluctuating near $2,312. Based on a technical analysis published by analyst The Penguin, price action remains in an expanding diagonal pattern. This formation suggests that if Ethereum breaks above its recent peak, a further upward move could be unlocked. However, for this rally to be confirmed, the price must clearly surpass the previous wave top.
If such an upside move materializes, Ethereum could target the $2,520 to $2,600 range. By contrast, a clear close below $2,177 would undermine the current bullish outlook. In this bearish scenario, expectations would shift towards a deeper corrective move.
For declines, the area between $2,160 and $2,200 emerges as the initial pullback zone. Additionally, Fibonacci support levels are noted around $2,040, $2,020, and $1,920. These are considered critical regions where selling pressure could intensify.
Medium-term resistance and support levels defined
In the 2-day chart, Ethereum is trading around $2,308. The price movement is showing indecision for investors in the short term, as ETH struggles to sustain itself above the $2,300 range.
If an upward move develops, the first significant resistance stands near $2,400. Should this barrier be convincingly breached, analyst Ted Pillows suggests a climb toward $2,620 could follow. Further up, the $2,750 to $2,800 zone is increasingly seen as a potential target for the next bullish wave.
If Ethereum fails to hold the $2,300 area, the next support lies between $2,150 and $2,200. This would likely trigger a pullback in line with the corrective scenario outlined in the analysis.
Should a steeper fall occur, support near $1,790 would come into focus, with $1,694 emerging as a primary defense level. For the moment, Ethereum continues to face resistance, while subdued demand in the spot market keeps the risk of further retracement alive.
