Ethereum Trades Sideways After 15-Day Squeeze, Rejected at $2,788

Ethereum, the second-largest cryptocurrency by market capitalization, has shown signs of indecision in recent weeks, trading sideways despite minor daily losses. This behavior is in contrast to the significant losses experienced by other top altcoins. Ethereum began the second quarter of the year on a strong note, recovering from a year-low in April and briefly surpassing $1,800. However, a subsequent period of low volatility led to a 15-day squeeze, during which the market experienced its biggest gain in the buying phase.

Following this surge, Ethereum tapped $2,750 as it broke through a crucial resistance line, indicating a highly bullish sentiment. However, a rejection at this level cooled off the buying momentum, and the market pulled back. Since then, Ethereum has remained indecisive, moving sideways on the daily chart. Despite an attempt to break higher on Thursday, the price was rejected at the $2,788 level, leading to a slight loss over the past 48 hours.

Despite these fluctuations, Ethereum remains in a buying range. A strong recovery above the $2,300 level could signal a more bullish rally on the daily chart. Conversely, if the price continues to decline, especially below the important $2,320 support level, Ethereum may revisit the $1,900 mark before regaining momentum. Key resistance levels to watch for a potential breakup include $2,788, $3,213, and $3,744. If the price continues to decline, important support levels to monitor are $2,320, $2,104, and $1,873.

The current spot price of Ethereum is approximately $2,536, with a bullish trend and moderate volatility. According to the analyst's forecast, a surge above the $2,788 resistance level could rally the price through $3,000 to retest the $3,213 level. The next buy target above this level is $3,744. Conversely, if the price continues to decline, especially below the important $2,320 support, the lower discount price to keep in mind would be the $2,104 and $1,873 support levels, bringing a retest at the broken resistance line.