Ethereum Holds Above $2,600, Eyes $2,870 Resistance

Ethereum has shown remarkable resilience, maintaining its position above $2,600 following a notable wedge breakout. This stability has caught the attention of analysts and traders, who are now focusing on the next potential resistance levels. The asset's ability to sustain this price range is pivotal for bulls, as it suggests a potential shift in market sentiment.

The recent market volatility has been a test for Ethereum, but the asset has demonstrated significant stability. The $2,600–$2,700 range is a critical zone for Ethereum, and bulls are working to hold this level after recent fluctuations. This resilience is a positive indicator for the asset, suggesting underlying support at this price point.

Analysts have identified several key resistance levels that Ethereum must overcome to continue its upward trajectory. The next major resistance level is around $2,870, which has historically been a challenging barrier. If Ethereum can successfully break through this level, it could open the door for further gains and potentially trigger an altseason, where other altcoins also experience significant price increases.

According to Michael Van De Poppe, Ethereum has printed consistent higher lows, indicating that the bullish structure remains intact. However, he noted that if the trend fails, the $ETHBTC range between 0.022–0.023 may offer liquidity for reentry. A continuation, though, points toward the 0.03 level.

On-chain data from Santiment shows that wallets holding 1,000 to 100,000 ETH added 1.49 million ETH in the past month. This buying activity pushed their total share of Ethereum supply to nearly 27%. Data from Glassnode also recorded the largest single-day inflow by large wallets in over six years, totaling 818,410 ETH.

Technical indicators suggest a bullish continuation potential for Ethereum. The asset is currently consolidating under the $2,870 resistance. Bollinger Bands have narrowed, which may precede increased volatility. The RSI holds at 52 and is testing the breakout level, suggesting the move is being defended.

Alex Clay noted that Ethereum is currently forming a bull flag pattern under the CME gap between $2,911 and $3,237.5. He suggests this is a setup for an incoming breakout. Analyst Milkybull Crypto also noted a historical parallel to Ethereum’s 2017 breakout. If the price remains above $2,600, the next resistance to monitor is $2,870, followed by $3,000. A close above these levels could confirm bullish continuation.

The current market conditions are characterized by indecision, with traders remaining cautious and shifting capital into stablecoins amid conflicting headlines and weak momentum. The market awaits a clear breakout or breakdown, with a decisive move above $2,800 being key for bullish confirmation. Until Ethereum delivers a decisive move above $2,800 or below recent lows, analysts expect continued choppy price action and low-conviction trading. For now, the market remains stuck in a holding pattern, with both bulls and bears hesitant to commit fully.

In conclusion, Ethereum's ability to hold above $2,600 after a significant wedge breakout is a positive sign for the asset. The next key resistance levels to watch are around $2,870 and $3,000, and if Ethereum can successfully break through these levels, it could pave the way for further gains and potentially trigger an altseason. However, the current market conditions are characterized by indecision, and traders are remaining cautious until a clear direction emerges.