ETH Short Term Technical Analysis
Ethereum has returned to the ascending channel structure. In the previous analysis, the channel subband was broken and the technical pressure was prominent. However, the price both received a clear reaction from the $ 2,467 level and re-entered the channel with strong volume. It is currently trading at $2,619 and the outlook has improved compared to the previous analysis.
The return to the channel is technically positive. Such returns, especially if they come with strong volume, indicate that buyers are taking back control. The $2,595 -$2,565 zone is now working as support. If this region is protected, it can be expected that the upward movement will continue.
If the rise continues, the first resistance to be considered is $ 2,660. If this is exceeded, the levels of $ 2,717 and $2,788 become the target in the short term. Especially the closures above $ 2,717 can move the price towards the upper band of the channel. That area also corresponds to approximately $2,840 levels.
The December range of $2,595 –$2,565 below is the first line of defense. If this zone is lost, the probability that the price will move back to the support of $ 2,467 increases. But for the moment, the movement within the channel indicates that the bearish scenario is weakening.
In summary, Ethereum seems to have ended the decline in the short term. As long as in-channel pricing continues, the technical outlook remains positive. If strong buyer interest continues in this region, the $2,660, $2,717 and $2,788 levels may be tested gradually. If it is below $ 2,595, closures below require being cautious again.
