Ethereum Price Prediction: ETH Key resistance level of $2,500 turns into support level, aiming for $2,700.

Ethereum is consolidating above $2,500, showing resilience amid broader market uncertainty. Although long positions have successfully turned $2,500 from a resistance level to a support level, the price still faces significant pressure below $2,700. This range fluctuation has been ongoing since early May, and the next few days are likely to determine the next major trend for ETH and the entire altcoin market.

Famous analyst Ted Pillows shared technical analysis, focusing on the current structure of Ethereum, especially after breaking through the $2500 level. However, the next challenge lies in how to reclaim the range high. Breaking through this key resistance level could trigger strong bullish momentum and potentially ignite the altcoin market, as once ETH gains momentum, funds usually shift towards alts.

On the other hand, if the current support level cannot be maintained, it may open the door for a pullback to lower demand levels. At present, long positions seem to dominate, but the market remains tense, waiting for a decisive movement. Whether ETH can accumulate enough strength to break through the resistance level or will fall into consolidation again may affect market sentiment and positions in the coming weeks.

Ethereum is strengthening, aiming for the upper range Ethereum continues to trade within a clear consolidation range, fluctuating between $2,400 and $2,700 since early May. After reclaiming the $2,500 level and converting it into a support level, Ethereum currently seems poised for a breakout. Ted Pillows emphasized this momentum shift and stated that Ethereum "looks good," and may soon return to the upper boundary of the range.

However, despite Ethereum's strong performance, the overall market condition remains mixed. Bitcoin has failed to break through its historical high, putting pressure on the cryptocurrency market, while alts continue to struggle in seeking a solid support level. Although the U.S. employment report and legislative progress are encouraging, macroeconomic uncertainties have eased somewhat, but headwinds still exist. Rising U.S. Treasury yields and the Federal Reserve's continued delay in interest rate cuts have led to a cautious market environment.

Nevertheless, Ethereum's ability to hold above $2,500 indicates a bullish sentiment in the market. If the price advances towards $2,700 and ultimately breaks through, it could trigger widespread fluctuations in alts, reigniting market momentum. However, if there is no breakout in the short term, a new round of consolidation, or even a pullback, may still occur. This week could be a key week for setting the tone for the next phase of the Ethereum and altcoin market.

As the consolidation tightens, ETH tests the resistance level The trading price of Ethereum is $2,550, maintaining above the key moving averages and continuing to consolidate within a narrow range. The daily chart shows that ETH is attempting to break through the 200-day moving average (red), currently around $2,488, while successfully staying above the 50-day moving average (blue) and the 100-day moving average (green). The convergence of key technical levels highlights the balance between the current long positions and shorts.

Despite multiple attempts since early May, Ethereum has not been able to break through the $2,700 mark. Each rise faces selling pressure, indicating that this area remains a major resistance level. However, recent price movements show that the lows are consistently rising and strongly holding the $2,500 level, which suggests that the upward momentum is strengthening.

Trading volume remains relatively stable, which is consistent with the ongoing consolidation trend, but it may also indicate that once the direction is determined, volatility will significantly increase. If the daily closing price successfully breaks through the $2,600-$2,700 range, it could trigger a price surge towards $3,000 or even higher. Conversely, if it falls below $2,480, the bullish structure will fail, and market sentiment will shift.

(Source: NewsBTC)