Ethereum Near Critical Resistance - Bullish Breakout in Sight

Ethereum demonstrates a renewed strength after surpassing the $2,600 threshold comfortably, maintaining support levels as bulls aim to recover momentum. This move follows a period of price stability within a trading range, with traders now awaiting a decisive volume-backed push beyond the next resistance level for confirmation of a breakout. Despite overall market fluctuations, ETH has retained resilience, shifting attention to whether it can breach the upper boundary of its current trading range and embark on a sustained upward trend. Failure to do so might result in a return to consolidation, impacting bullish strategies. Technical analysis from Big Cheds indicates Ethereum is approaching weekly range highs, particularly near the 200-day moving average (DMA). This zone has historically served as resistance, preventing previous upward attempts. Ethereum is now targeting the crucial $2,800 resistance level. Surpassing this level with strong volume would confirm a breakout, possibly initiating a new bullish phase. Since rebounding from April's low of around $1,400, ETH has gained over 90%, climbing past key moving averages and short-term resistance points. Currently trading near $2,688, ETH has broken out of a multi-day ascending triangle, supported by increased trading volume and the recapture of vital moving averages like the 50, 100, and 200 SMA, which now support the price. The market faces macroeconomic headwinds, including rising US Treasury yields signaling inflation concerns and tighter financial conditions. These factors often apply downward pressure on risk assets, including cryptocurrencies. Nevertheless, Ethereum's technical structure remains robust. Maintaining higher lows and breaking above the $2,800 resistance would likely attract more traders and investors, boosting the chances of reclaiming $3,000. Conversely, failure to clear the current resistance zone could see a pullback to support levels around $2,600 or the 200 SMA. In summary, ETH is at a pivotal resistance zone after a strong breakout, with a potential for further gains if the bullish momentum continues and volume sustains. The overarching trend remains cautiously optimistic, provided key resistance levels are convincingly breached.