Here is a technical analysis of ETH/USDT on the daily timeframe:
Market Overview
ETH continues to show a bullish medium-term structure on the daily chart. After forming a major bottom around $1,550-$1,600, ETH recovered strongly and reclaimed the $1,850-$1,900 resistance zone. The subsequent breakout in August was accompanied by a significant volume expansion, with ETH moving rapidly from approximately $1,900 to the $2,500-$2,550 region.
Following this sharp upward move, ETH has entered a consolidation phase between approximately $2,300 and $2,550. The consolidation is occurring near the upper end of the recent rally and can still be interpreted as a bullish continuation structure, provided ETH maintains the key support levels.
Technical Analysis
Bullish Pole & Consolidation
The daily chart shows:
- Pole: Strong upward move from approximately $1,850-$1,900 to $2,550.
- Consolidation: Price is moving sideways between approximately $2,300 and $2,550.
- Current price: Approximately $2,485, close to the upper boundary of the consolidation.
- Volume: Strong volume expansion occurred during the August breakout, while volume has subsequently declined during consolidation.
- The overall structure remains constructive as long as ETH continues to hold above the $2,300-$2,350 support region.
The key difference now is that ETH is approaching the upper boundary of the consolidation, making the $2,550-$2,600 zone the most important area for the next major directional move.
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Bullish Scenario
The bullish setup remains valid if ETH continues to hold above $2,300-$2,350.
A decisive daily breakout above $2,550-$2,600, preferably accompanied by increasing volume, would provide confirmation of bullish continuation.
A successful breakout could open the path toward: $2,700 to $2,800 to $3,000 The measured-move potential from the current consolidation could eventually extend toward approximately $3,050-$3,250, although ETH would encounter additional resistance along the way.
Bearish Scenario
The bullish structure would begin to weaken if ETH loses the $2,300-$2,350 zone on a sustained daily closing basis. A breakdown below $2,300 could lead to a deeper correction towards $2,100-$2,150. If that area also fails, the next major support would be around $1,850-$1,900. A sustained break below $1,850 would significantly weaken the current medium-term bullish structure and could expose the $1,550-$1,600 region again.
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Outlook
The daily chart remains bullish but currently in consolidation. ETH has already completed a significant impulsive move from approximately $1,850 to $2,550 and is now building a base below major resistance. The reduced volume during consolidation is generally constructive, but the next major move requires confirmation.
The $2,550-$2,600 zone is the key level to watch. A strong daily breakout above this region with volume could confirm continuation toward $2,800-$3,000, followed by the possibility of an extended move toward $3,100-$3,250. Conversely, a breakdown below $2,300-$2,350 would weaken the setup and increase the probability of a correction toward $2,100-$2,150.
At the time of writing, ETH was trading at approximately $2,485.
Summary
ETH remains bullish on the daily timeframe. The chart shows a strong bullish pole from approximately $1,850 to $2,550, followed by consolidation between approximately $2,300 and $2,550. The immediate battle is between $2,550-$2,600 resistance and $2,300-$2,350 support. A confirmed breakout above $2,550-$2,600 could open the path toward $2,800-$3,000, with an extended measured target around $3,100-$3,250. The setup would weaken below $2,300, while $2,100-$2,150 and $1,850-$1,900 remain the major downside support zones.
Support and Resistance Levels
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,100 | $2,350 | ETH | $2,550 | $2,800 |
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