Ethereum Holds Above $2,598.16 Amid Bullish Trend

Ethereum has been holding steady above $2,598.16, demonstrating a bullish trend as it navigates through a rising wedge pattern. This pattern is defined by support at $1,533.25 and resistance at $3,438.96, with the cryptocurrency showing repeated support defenses near key zones. The price action reflects a bullish intent, as Ethereum remains elevated within this channel, with buyers stepping in at every dip.

Following a breakout in early May, Ethereum has respected the rising support and tested the mid-range multiple times. Each test has sparked a sharp bounce, keeping momentum alive near $2,598.16. Buyers remain in control, especially with volume clustering during each key reaction. This pattern is reminiscent of previous formations where Ethereum has shown similar patterns before explosive continuation. Price now sits inside a familiar coil, where sellers defend a ceiling but can’t reclaim lower ground. Every touch of $3,438.96 tightens this spring further, raising tension in the chart.

Looking at the structure, Ethereum has not violated its trendline since May’s breakout. The rhythm is intact. Support remains reliable, and bullish volume continues to surface near critical zones. This setup does not reflect exhaustion-it reflects control and positioning. The network activity mirrors this compression, with daily transactions pushing against a five-year horizontal barrier near 1.5 million. The lower trendline has climbed steadily from 250K, forming a long-term upward squeeze in activity. Since early 2024, Ethereum transactions have hovered near the peak range, showing strong and sustained on-chain demand. This convergence between price compression and network buildup forms a rare overlap, with technicals and fundamentals both tightening into potential breakout conditions.

Momentum continues to build inside this coil. Ethereum has held above $2,489.07 multiple times, preventing structural breakdown. Price has not hit a low in months. That matters. Ethereum has spent weeks hovering beneath $3,438.96 without rejection. Resistance has absorbed pressure, but hasn’t pushed price lower. This is often how breakout conditions mature. Ethereum now trades inside a clear and active setup. Bulls defend support, bears stall at resistance, and compression tightens. One move could shift control, but the market wants confirmation.