Ethereum Holds Above $2,408.17, Shows 0.3% Gain, Potential Recovery Ahead

Ethereum has demonstrated resilience by maintaining its position above the critical support level of $2,408.17, indicating a potential recovery from its recent downtrend. The cryptocurrency is currently trading at $2,423.09, reflecting a modest 0.3% increase over the past 24 hours. This stability is occurring within a falling wedge pattern, which is often a precursor to a trend reversal if followed by a breakout.

The current trading range for Ethereum is between $2,408.17 and $2,473.84, indicating a period of low volatility. Despite this subdued movement, technical analyses suggest that there is potential for upside targets in the coming weeks. The price recently dipped toward a critical support area around $2,200, but this zone held firm, preventing further downside and suggesting demand at lower levels. During this phase, Ethereum printed a falling wedge pattern, which is often associated with trend reversals when followed by a breakout. The current price has stabilized within this pattern while respecting the wedge boundaries.

Volume remained low during the drawdown, signaling reduced selling pressure. However, the price bounced off the lower wedge support and moved above the 0.0 Fibonacci level. Short-term recovery attempts will likely face resistance at $2,473.84, while support remains intact at $2,408.17. A break above the wedge structure may initiate a broader move higher.

Three measured move projections are plotted from the wedge’s breakout point. These suggest potential target levels of $2,811.81 and $3,131.08. These levels are based on vertical extensions drawn from the wedge’s depth. The targets show a strong alignment with past price structures and could become relevant if momentum strengthens. Short-term Fibonacci levels may offer insight into interim resistance. The 0.236, 0.382, and 0.5 retracement zones lie just below the first major target. Price action approaching these levels may lead to temporary pullbacks or consolidation. However, if Ethereum clears this area, the next projection at $3,131.08 becomes the likely point of focus.

Ask Aime: Ethereum's Resilience Amidst Cryptocurrency Market Fluctuations

In addition to the short-term levels, broader targets remain active in the mid-to-long term. Mid-term projections are identified at $3,700 and $4,450. These zones mark levels where past rallies stalled and could serve as checkpoints if bullish momentum returns. A longer-term projection highlights the $7,000 mark as a potential upside target. These targets reflect levels that may come into play if price extends beyond short-term resistance zones. For now, Ethereum holds above its lower bounds, and any further moves depend on whether buyers can push through the wedge ceiling.