Ethereum’s price is hovering at a major technical level, trading sideways as market participants watch for its next big move. Recent charts shared by several traders suggest that ETH could be on the verge of a significant rally if it can overcome a longstanding resistance. These analyses highlight Ethereum’s repeated tests of a key barrier and the formation of notable price structures that might pave the way for further upside.
Price patterns and resistance levels
On Coinbase’s daily chart, Ethereum is currently trading near $2,282. According to an analyst known as Sky, who shared his thoughts on X, ETH is forming three potential “cup and handle” patterns right below a critical resistance point at $2,389. This level has served as a stubborn cap, blocking upward moves since March and standing out as a major price wall for the cryptocurrency.
Sky notes that while some investors may see a lack of momentum in ETH, its recent price activity actually shows three merging cup and handle formations. The posted chart indicates that a breakout above resistance could send Ethereum climbing toward the $3,000 mark, marking a notable resurgence in bullish sentiment.
The analysis describes how the first cup base formed after an earlier selloff near $1,800, followed by a rebound up to the $2,389 resistance. A second, rounded bottom then developed between $1,950 and $2,000, before the price once again rallied back toward the same resistance zone.
Currently, ETH’s daily closes remain below $2,389, with the price unable to push through the resistance. Analysts are highlighting a target zone between $2,950 and $3,300. A clear and convincing daily close above $2,389 would be the first signal of a new breakout move, according to these experts.
Latest data from CryptoAppsy shows Ethereum trading at $2,282, down 0.37% over the past 24 hours. So far, there’s been no bullish confirmation, and ETH’s price continues to sit right under resistance. The upcoming daily candle closes will be crucial in determining whether buyers can capitalize on this setup.
Technical retests and trendlines: Investors remain cautious
Ethereum’s daily chart is also testing a long-standing downward trendline. According to another analyst, Cantonese Cat, who posted on TradingView, ETH is now moving just below the primary descending line that began from the October highs. While ETH briefly managed to climb above this line in late April, it quickly returned below the break zone.
This analysis suggests that the current pattern may represent a “maximum pain” scenario for many investors, though the idea remains speculative. On the chart, ETH dips below the former breakout level, enters a short period of sideways consolidation, and then potentially attempts another move higher.
Cantonese Cat notes that how ETH behaves near the old trendline will be decisive; should the price hold here, a rebound toward the $2,500 area is possible.
However, the ongoing technical structure has yet to offer any definitive signals. If ETH slips even lower beneath the old trendline, bullish momentum would likely fade, causing it to remain within a volatile, choppy range for an extended period.
With resistance holding firm and upcoming daily closes carrying extra significance, both traders and investors are watching Ethereum closely for confirmation of any directional shift. Until such a signal appears, the market is likely to remain in a wait-and-see mode.
