Ethereum Nears $2,640 Resistance Amid Bullish Momentum

Ethereum's price is currently at a critical juncture, pressing into a crucial resistance zone near $2,640. This level has consistently capped upside attempts since early June, and a clear breakout above this supply zone is necessary to confirm a trend continuation. The broader structure shows bullish intent, with the price action approaching the apex of a large symmetrical triangle visible on the daily chart. Ethereum is currently priced at $2,623.83, with intraday highs extending to $2,646.02. The structure has been coiling since April, with price consistently posting higher lows against horizontal resistance, forming what appears to be an ascending triangle within a broader consolidation phase.

Volume is rising gradually, and the price continues to hold above the Bull Market Support Band, currently between $2,194.90 and $2,407.89. This structure reinforces the mid-term bullish thesis. Smart Money Concept analysis shows multiple recent CHoCHs and BOS confirmations near $2,580–$2,600, adding weight to the current breakout attempt. Ethereum is also pushing through a minor liquidity pocket, suggesting supply absorption underway.

The bullish confluence across both price structure and sentiment metrics is driving Ethereum's price up today. On the 4-hour chart, Ethereum remains above all key EMAs (20/50/100/200), with the EMA20 at $2,574 acting as near-term dynamic support. Bollinger Bands are expanding, with the price testing the upper band near $2,633, which is a sign of increasing momentum and volatility. The weekly Fibonacci retracement places Ethereum just below the 0.5 level at $2,745, with support confirmed near the 0.382 retracement at $2,424. Ethereum has now printed its second consecutive green weekly candle above $2,500, another bullish signal.

Momentum indicators also support the breakout case. The Money Flow Index (MFI) on the 4-hour chart is rising at 66.69, indicating sustained capital inflow. The Chande Momentum Oscillator is above 50, showing upward momentum is accelerating. On the 15-minute chart, Ethereum appears to be forming an ascending wedge pattern, with immediate resistance near $2,640. If bulls can break above this ceiling, the next test lies near $2,685–$2,715, a zone marked by strong historical selling pressure.

Derivatives data further highlights growing optimism. Ethereum open interest is up 7.44% to $36.29B, with options volume surging 47.66% to $750.75M. Daily volume has increased nearly 10% to $58.88B. Binance top trader long/short ratios are above 2.77, showing long dominance. The ETH OI-weighted funding rate remains positive (0.0023%) as of July 9, confirming that longs are paying a premium to maintain position, a typical signal of bullish sentiment. Additionally, Ethereum is trading near the median of its ascending pitchfork channel on the 4-hour chart. A clean break above the R3 pivot ($2,643.41) would align with the channel’s upper trendline, opening a path toward the next resistance band near $2,715–$2,745.

In the next 24 hours, Ethereum's price will be heavily influenced by whether bulls can close decisively above $2,640. If confirmed with volume, the next resistance lies at $2,715 (R4) followed by $2,745 (Fib 0.5). A breakout above that could aim for $2,852–$2,900. On the downside, if Ethereum fails to hold above $2,600, a retest of $2,574 (EMA20) and $2,510 (EMA100) is likely. Below this zone, further support lies near $2,424 (Fib 0.382) and $2,384 (former breakout base). With momentum, funding, and market structure aligned, the near-term outlook remains bullish, but a rejection at $2,640 would delay the breakout and trigger short-term consolidation.