Cryptocurrency trader David provided an update on Ethereum’s price action on X this week, noting that ETH remains in an uptrend despite recent sideways consolidation on the charts.
His analysis highlights how Ethereum has stayed within the expected rising price channel he identified, starting from the $1,610 weekly close. Last week’s pullback found support right at the lower boundary of this channel, around $2,199.
As long as Ethereum holds above this level on a closing basis each week, David believes further upside is likely. Specifically, he is targeting the $2,700 level next if the $2,199 support continues to hold. This would represent a 23% rally from current prices near $2,200.
The takeaway is that Ethereum is still behaving in line with bullish expectations from a longer-term technical perspective. Its recent lack of a clear trend on the charts appears to be just a period of consolidation within a larger uptrend dating back several months.
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Show more +As the second-largest cryptocurrency consolidates, traders will be closely watching to see if Ethereum can maintain its price channel support and eventually break out to test overhead resistance levels like the $2,700 target highlighted.
So while it may seem like nothing much is happening in the ETH market currently, the major uptrend still remains intact for now based on the analysis of traders like David.
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