Ethereum Still Rangebound Below $2,735 Level – No Clear Breakout Yet

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Ethereum is making waves in the crypto market, pushing into key resistance levels following an impressive 14% surge over the past few days. This upward momentum has put bulls firmly in control, igniting optimism among investors as the second-largest cryptocurrency by market cap tests critical thresholds. The recent rally has brought Ethereum close to a pivotal juncture, where breaking through higher levels could confirm sustained bullish momentum and potentially signal the start of a broader uptrend.

Ethereum Clears Range Highs But Needs Confirmation

Ethereum stands at a decisive level following a robust push into resistance, marking a critical moment for the cryptocurrency’s trajectory. After a notable surge, the price has tested key thresholds, drawing sharp attention from market participants. Sentiment remains deeply divided, with some analysts anticipating a breakout to higher prices, fueled by the recent momentum, while others predict an imminent correction as overextension risks loom. This uncertainty is compounded by global tensions and macroeconomic instability, which continue to drive volatility across financial markets, keeping traders on edge.

Daan’s recent analysis provides a detailed perspective, noting that Ethereum remains rangebound between approximately $2,475 and $2,735. Within this zone, the price has swept both the highs and lows, reflecting a period of consolidation. Significantly, Ethereum has now retested the range high of $2,735 for the fourth time, a level that has repeatedly served as a psychological and technical barrier.

Ethereum testing range highs | Source: Daan on X

According to Daan, this prolonged range play suggests that a breakout—either upward or downward—is on the horizon, likely triggering a substantial move. However, he cautions that until such a breakout occurs, it’s prudent to avoid overcommitting to either bullish or bearish positions. The analyst points out that over the past few weeks, traders have repeatedly bet on breakouts in both directions, only to face choppy conditions that often result in losses.

This pattern of indecision has left many investors “chopped up,” as premature bets fail to materialize. With global economic uncertainties adding pressure, Ethereum’s next move hinges on whether bulls can decisively clear the $2,735 resistance or if bears will capitalize on a potential reversal. Until clarity emerges, the market remains a battleground of competing forces.

Price Action Details: Key Levels To Clear

Ethereum is trading at $2,690.46 on the 1-day chart, following a period of consolidation after a sharp decline. After finding support near $1,750 in April, ETH formed a tentative ascending triangle pattern, with recent price action testing key moving averages. The 50-day SMA ($2,310.51) and 100-day SMA ($2,077.91) have been breached upward, while the 200-day SMA ($2,657.01) remains a critical resistance, aligning with the current price zone.

ETH testing key resistance level | Source: ETHUSDT chart on TradingView

This move suggests short-term resilience, setting the stage for a potential test of the $2,750 resistance, a level retested four times since early 2025. A decisive daily close above $2,750, supported by rising volume, could pave the way for a push toward $3,000. The chart reveals rising lows since April, indicating accumulation and renewed buyer interest, particularly around the $2,500-$2,600 range. Increasing volume during recent upticks adds credibility to the breakout attempt, reducing the likelihood of a false move.