- Ethereum is testing $2,590, and this level must hold for a possible breakout that may push the price higher toward $3,600.
- The last time Ethereum hit this support, it jumped over 70%, and now traders are looking for a repeat of that strong move.
- A breakout above the trendline could send Ethereum past $3,000, but failure to hold $2,590 may lead to a drop near $2,400.
As it stands, Ethereum (ETH) is grazing the line of a critical support level, around $2,590, a zone that has historically acted like a springboard into strong price movements. This research suggests ETH’s retesting of that level, the daily arrangement of price action, which has continually shown previous setups before a rebound. The chart indicates that price action has a downward skew, with signs of seller exhaustion; thus, there is the possibility of a trend change into better conditions. If ETH remains perched above this point, it might set off a rally that targets between $3,000 and $3,600 within an upcoming week or two.
Technical Patterns Indicate a Possible Breakout
The chart highlights Ethereum’s long-standing support zone, which has held firm multiple times over the past year. Historically, whenever ETH dipped into this region, strong buying activity followed, driving prices higher. Anup’s analysis shows that ETH is now approaching a major downtrend resistance, and a breakout above this trendline could signal the start of a new bullish phase.
The rounded bottom formation near support strengthens the case for a reversal, as similar structures in the past have led to explosive upside moves. If ETH manages to clear the descending trendline, it could rapidly gain momentum, targeting resistance levels at $3,000 and $3,600. However, if sellers continue to dominate and ETH fails to hold above $2,590, a deeper correction could push prices down toward $2,400.
Market History Suggests Strong Upside Potential
ETH’s previous interactions with this key support have consistently resulted in double-digit gains over short periods. In mid-2024, ETH rebounded from the same level and surged beyond $4,000, marking a 70% increase within weeks. If history repeats itself, ETH could see a similar upward trajectory, making $3,600 the next critical resistance to watch.
Anup points out changing market sentiment, as trading activity is picking up, showing renewed interest from buyers. Confirmation by ETH of a breakout above the descending trendline will only strengthen the bullish outlook. A failure to reclaim higher grounds will mean a further downslide, making the $2,590 zone a key trading battlefield.
Conclusion: ETH at a Key Decision Point
Ethereum’s daily chart is a turning point, with $2,590 as critical support for the price momentum. An analysis conducted by Anup shows that for an ETH upside rally towards $3,600 and beyond to be feasible, the resistance associated with the downtrend must first be broken down. In this regard, maintaining this support will accelerate bullish momentum toward confirmation of the commencement of a renewed upward cycle. As traders await the next price action, the decision by Ethereum regarding its next move could well be the defining factor in its possible trend over the following months.
