Ethereum Price Coils Near $2,448 Amidst Tight Resistance

Ethereum (ETH) is currently trading around $2,448, having rebounded from June’s lows near $2,100. The price is caught in a tight zone of indecision just beneath multiple resistance bands, forming a multi-month symmetrical triangle on the broader structure. On the monthly chart, ETH remains wedged between long-term uptrend support from the March 2020 bottom and descending resistance from its $4,900 peak. The price structure continues to compress, with the recent double-top rejection below $4,100 signaling lingering macro selling pressure. Despite this, the ascending base near $2,130 has held for the third time since mid-2023, forming a strong foundation.

The weekly chart shows Ethereum capped below the $2,745 level while holding just above $2,424. This zone remains pivotal, with ETH trading inside a tightening structure and lower highs indicating reduced bullish momentum. The Bollinger Bands are flattening on higher timeframes, a typical precursor to volatility expansion. The recent ETH retracement appears tied to declining volume and fading intraday momentum, especially as the price stalls near the $2,450–$2,470 resistance zone. On the 4-hour chart, Ethereum rejected the mid-Bollinger Band and EMA cluster, all converging between $2,444 and $2,463. This dynamic resistance has proven stubborn, and multiple failed attempts to break above this area signal exhaustion.

The 30-minute MACD shows the bullish crossover is weakening, while the RSI has slipped slightly from overbought conditions, now at 59.04. While this still reflects mild bullish strength, the fading slope hints at cooling upward pressure. Parabolic SAR dots remain below price, supporting the current bounce — but the lack of sustained volume limits breakout confirmation. Additionally, the On-Balance Volume (OBV) indicator continues to trend flat, showing no meaningful accumulation yet, which aligns with the ranging structure.

On the 4H chart, Ethereum is trading within a modified pitchfork channel, bouncing off support near $2,406 and attempting to reclaim the $2,475 handle. The Fib extension grid shows resistance at $2,594 and $2,687, while downside pivots sit at $2,312 and $2,211. The price is moving sideways between these levels, indicating a coiling setup. The latest bullish candle is hovering right above the 0.5 retracement line from the most recent swing move, which may act as a launchpad if bulls reclaim momentum. Ichimoku Cloud and VWAP zones also show consolidation below the daily VWAP of $2,443 and the SAR support at $2,435. This confluence could allow a breakout toward $2,500 if volume confirms, but a failure to hold $2,435 may reintroduce bearish pressure.

In the short term, the Ethereum price action suggests a squeeze setup within a broader neutral-to-bullish flag. A successful close above $2,470 would target the $2,520–$2,545 zone, followed by a potential breakout toward $2,594 and $2,687, where the pitchfork R3/R4 lines intersect with historical supply. Conversely, a breakdown below $2,424 would open up risk toward $2,312 and $2,211, with the key macro base still sitting at $2,131. The bias remains cautiously bullish as long as ETH holds above $2,424, but without strong volume, bulls may struggle to sustain upside momentum.