Ethereum (ETH) Price Tests Ascending Channel Resistance – Breakout Or Breakdown?

Ethereum finally pushed above the long-watched $2800 mark, signaling renewed strength and triggering a wave of optimism across the market.

In a turbulent crypto market battered by macroeconomic headwinds, Ethereum (ETH) has emerged as a beacon of strength, closely followed by many. As Bitcoin (BTC) stabilizes near all-time highs and ETH attempts to regain momentum, the stage is set for a potential altseason.

Many are looking to Ethereum’s performance as a critical signal for the broader altcoin market. After a period of consolidation and a recent breakout attempt, the structure of Ethereum’s price action will be closely observed by bulls. They hope to see if ETH can bounce and retest the breakout zone with strength.

Top analyst M-log1 shared a technical update, noting that ETH is currently sitting at key support levels. According to the analyst, Ethereum “needs to bounce and break out of the current ascending channel.”

If that fails, the structure may tilt bearish, with a potential revisit of the lower end of the channel. He added that while he remains optimistic, probabilities shift quickly in this environment, and the next few sessions will be critical.

“Good morning traders. We're currently at a crucial juncture with ETH, testing the lower boundary of the ascending channel and key fib support. A clean bounce and breakout from the channel are pivotal for continuing the uptrend.”

“If we fail to bounce and break out, the structure may shift to favor a return to the lower fib levels. Despite the recent weakness, the structure remains intact, but we'll need to see a decisive move to either regain the channel or break below for a clear direction.”

“As always, be patient, observe price action closely, and adjust your trading accordingly. Good luck and happy trading!”