Ethereum (ETH) Price Prediction: Breakout Stalls at Resistance, Setting the Stage for a Surge to the Mid-Zone of Its Macro Range

Amid its recent breakout, Ethereum (ETH) has recovered a crucial Range lost in Q1, preparing to surge to the mid-zone of this area.

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Amid its recent breakout, Ethereum (ETH) has recovered a crucial Range lost in Q1, preparing to surge to the mid-zone of this area. However, various analysts forecast potential volatility for the King of Altcoins, as it faces some resistance at the current levels.

Bitcoin Faces Key Resistance After 10% Weekly Rally – Confirmation Or Rejection Next?

Ethereum To Trade Sideways Before Next Jump

After surging nearly 45% in the past week, Ethereum has now reclaimed the $2,200-$3,900 macro range lost in March. During the late-April market pump, the cryptocurrency recovered from its 18-month low of $1,380, jumping toward the $1,800 resistance before breaking out last Thursday.

ETH has since smashed past the $2,000 resistance and recovered the crucial $2,100 and $2,300 levels, setting the stage for a final assault on the $2,600 resistance over the weekend. Since then, the King of Altcoins has been trading in a tight $2,400-$2,600 price range, hitting a two-month high of $2,624 on Monday.

Market watcher Castillo Trading highlighted that Ethereum is “doing exactly what it should be. Taking some time to build a base at important levels before the next move.”

The analyst stated that the $2,400-$2,700 zone will likely be ETH’s trading range for the upcoming days after its retest of the range lows as support, with “some shakeouts in both directions before continuing its next leg up.”

Similarly, Daan Crypto Trades noted that the cryptocurrency’s current level is important, as it could determine its short-term direction. According to the trader, Ethereum could drop to $2,300 or below the $2,100 support level if it loses the key area. “In that case, you can simply wait for a consolidation to be formed at those levels.”

On the contrary, if ETH breaks past the $2,600 resistance, and price keeps surging, the current level may “become a nice retest of the horizontal.” Next comes the $2,850-$2,900 area, a significant support and resistance level amid the Q3 2024 pullback and the Q4 2024 breakout.

Is A Dip Or A 15% Shakeout Coming?

Analyst Rekt Capital noted that Ethereum secured a key Weekly Close as it closed above the pivot at $2,500 to officially reclaim its Macro Range. According to the analyst, history suggests that ETH will “likely lift across the Range over time,” while “any dips, if needed at all, would only serve to solidify $2200 as Range Low support.”

He added that the recent Weekly Close occurred at the top of a crucial cluster, setting the stage for a scenario where “just a small dip would suffice, if the green circled retest repeats here at ~$2468 (black).” However, if that level is lost, ETH could see a 10%-15% pullback toward the $2,200-$2,100 mark.

Moreover, Rekt Capital noted that the second-largest crypto by market capitalization has now filled the $2,530-$2,630 Daily CME Gap, created in March with the cryptocurrency’s sharp drop from $2,730 to $1,380.

Amid its breakout, ETH also formed two small CME Gaps at the $2,300-$2,400 and $2,100-$2,200 levels, which could be closed soon. The former is the “more important dipping area, as it is also a Weekly CME Gap.”

Additionally, he affirmed that Ethereum intends to fill its Macro CME Gap, which is located between $2,900 and $3,350, signaling that a surge toward those levels could be ahead.