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 solidify $2200 as Range Low support.” He stressed that the recent Weekly Close occurred at the top of a crucial cluster, enabling 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.
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.
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.” Notably, the next crucial horizontal level sits around the $2,850-$2,900 range, a significant support and resistance area amid the Q3 2024 pullback and the Q4 2024 breakout.
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