Ethereum is trading around $2.75K after holding a multi-week consolidation above $2.4K. The broader structure remains constructive, but ETH is now pressing into an important resistance area where the reaction could determine whether the current advance extends toward the next major supply zone.
Ethereum Price Analysis: The Daily Chart
The daily chart shows a clear structural improvement from the June low near $1.5K. ETH has formed a sequence of higher lows along an ascending trendline, while the price has moved decisively above both the 100-day and 200-day moving averages. The 100-day and 200-day averages have now printed a bullish crossover around the $2.1K area, and both sit well below the current market price, sloping upward, which indicates a clear bullish shift in market structure after months of correction.
After reclaiming the $2.4K region, ETH accelerated toward the $2.8K resistance zone. The asset is currently trading inside this marked resistance area, with the latest candles showing relatively tight consolidation rather than a decisive breakout.
A daily close above this region would bring the next major resistance zone, a bearish order block around $3K, into focus. Conversely, a rejection from the current area could send ETH back toward the $2.4K support zone, which has become an important near-term structural level.
The ascending trendline remains another key reference. It currently intersects with the mentioned support zone around $2.4K and has been respected during the recovery. As long as the sequence of higher lows remains intact, the larger recovery structure remains preserved.
ETH/USDT 4-Hour Chart
The 4-hour chart provides a more immediate view of the current setup. ETH made a strong impulsive move from roughly $2.4K toward $2.8K before entering a sideways consolidation. The market has repeatedly held above the $2.6K area and created several short-term lows above this level, while gradually pressing toward the upper boundary of the range.
The main resistance remains around $2.8K. ETH has tested this area several times, and the latest candles are again approaching the upper boundary. A clean break and hold above this zone would strengthen the continuation structure and expose the $3K area visible on the daily chart.
On the downside, the first significant support is around $2.4K-$2.5K, marked by the bullish order block. This area is particularly important because it was the base for the latest impulsive advance. A deeper correction could bring the $2.2K zone into play, followed by the deeper $1.85K-$1.9K support region.
The 4-hour RSI is also recovering and is currently around the low-60s. Momentum therefore favors the upside, but the indicator is not yet at an extreme reading, which points out that there is potentially further upside for ETH to explore in the short term.
On-Chain Analysis
The Ethereum Coinbase Premium Index currently stands around -0.03, according to the CryptoQuant chart. The metric has spent much of the recent period below the zero line, with only brief positive spikes in September.
A negative Coinbase Premium generally indicates that ETH is trading at a discount on Coinbase relative to the reference market, pointing to comparatively weaker buying pressure from US-based participants. The latest reading is therefore notable because ETH is simultaneously trading close to $2.8K resistance.
This creates an important distinction between the price structure and the demand signal. The technical charts show ETH maintaining a bullish structure and pressing resistance, while the Coinbase Premium Index has not yet established a sustained positive reading. If the premium moves back above zero and remains positive while ETH breaks $2.8K, that would provide additional confirmation of strengthening spot demand from investors based in the United States. If the premium remains negative while price struggles at resistance, the current advance could instead require another consolidation or pullback. This is simply drawn from the historical patterns which indicate that bullish phases in ETH are usually accompanied by a positive Coinbase premium.
Overall, ETH remains above its major daily support structures and continues to print a constructive higher-low sequence. The $2.8K resistance zone is the immediate technical pivot, while $2.4K-$2.5K is the key near-term support. The reaction around these levels should provide the clearest indication of whether the current consolidation develops into another leg higher or a deeper correction.
Source: CryptoPotato
