ETH recently bounced from the 200-period EMA (~$1,582), signaling potential bullish momentum. However, unless ETH breaks and closes above $2,900, this rebound risks being a failed retest of broken support.
A breakout above $2,900 could flip the structure bullish and pave the way toward $4,000, matching the triangle’s former top and a historical resistance level near $4,091. This would likely trigger renewed buying interest.
Failure to break above the resistance zone could lead to a correction, with initial support near $2,100, and deeper downside risk toward the 200-EMA if selling pressure returns.
The RSI has bounced to 50, indicating neutral momentum. Ethereum’s next few candles will be key to confirming either a breakout or another leg down.
