#The market bounces back hugely. BTC breaks out $45,000. Is Ethereum Finally Going to Break Above $2.4K? (ETH Price Analysis)

Ethereum’s price has encountered a significant obstacle at the critical $2.4K resistance, leading to an extended consolidation phase within this pivotal range.

This situation and the bullish sentiment in the futures market have heightened expectations for a potential bullish breakout.

Technical Analysis
By Shayan

Ethereum Price Analysis: The Daily Chart
A detailed examination of Ethereum’s daily chart reveals an ascending consolidation period, with the price approaching a substantial resistance at $2.4K. This zone includes the static $2.4K resistance and aligns with the upper boundary of a multi-month wedge pattern, forming a robust barrier. Despite this, ETH is displaying bullish momentum, attempting to break above this crucial range. A successful breach could see the price reclaim the $2.4K resistance, setting the stage for a renewed bullish surge.

However, considering the bearish divergence between the price and the RSI indicator, there is still a possibility of a bearish reversal.

Despite the overall bullish market conditions, a sudden rejection may lead to a sustained cascade towards the 100-day and 200-day moving averages. Therefore, caution is advised during these market conditions, given the potential for sudden impulsive movements.The 4-Hour Chart
Examining the 4-hour chart, Ethereum appears to be confined within a critical range, bordered by the substantial support at $2.1K and the significant resistance at $2.4K, resulting in sideways consolidation. Notably, the $2.1K level aligns with the crucial range between the 0.5 and 0.618 levels of the Fibonacci retracement, acting as a notable barrier against sellers.

Despite this consolidation, the price has recently surged, reaching its prior major high near the $2440 mark. However, the outcome hinges on whether buyers can reclaim the $2.4K resistance. If successful, an ascending trend is likely. Conversely, a rejection could lead to a market decline towards the lower threshold of the range.