Ethereum is approaching a crucial moment as its price consolidates within a tight range, setting up for a potential decisive move. After weeks of volatile yet controlled trading, bulls are trying to reclaim higher levels, while bears have failed to push the price below $2,400, establishing this as a strong support zone.
Geopolitical tensions and economic uncertainty are adding pressure to global markets, making Ethereum’s next move significant for the broader altcoin market.
Analyst M-log1 highlights the importance of the ETH/BTC pair, calling it the key chart to watch. The pair has repeatedly tested lower support, with bulls successfully defending it multiple times. According to M-log1, this suggests weakening bearish momentum and raises the likelihood of an upward breakout. He estimates an 80% chance for a move higher, which could ignite a broader altcoin rally.
Ethereum is currently trading around $2,550, holding above its major weekly moving averages (50, 100, and 200). The price consolidates between $2,450 and $2,680 after recovering from a low near $1,500 in April. Resistance remains just below $2,700, where sellers are still active.
Weekly price action shows ETH holding support at the 100-week and 200-week simple moving averages, signaling structural resilience amid macroeconomic challenges such as Middle East conflicts and tightening U.S. monetary policy. Trading volume remains stable, with no signs of panic selling.
This prolonged price compression near key moving averages often precedes a significant directional move. A confirmed weekly close above $2,700 could propel Ethereum toward the $3,000 psychological level. On the other hand, a breakdown below $2,400 might trigger a short-term correction toward the 50-week moving average near $2,289.