$ETH $ETH

Here's a monthly analysis of Ethereum (ETH) based on current market trends and technical indicators:

Current Price and Market Performance

Ethereum's current price is $2,592.67, with a market capitalization of $319.62 billion. The cryptocurrency has seen a 0.67% increase in value over the past day, with its price fluctuating between $2,476.03 and $2,603.59.¹

Technical Analysis

Support and Resistance Levels

- *Major Support Zone*: $1,750-$1,800 is a crucial support area that could act as a strong demand zone before a potential reversal. If Ethereum holds this level, it could spark a massive bullish reversal with potential upside toward $6,000.

- *Resistance Levels*: $2,400 (previous support turned resistance) and $3,000 (major psychological level and structural resistance) are key levels to watch.² ³

Chart Patterns

- *Symmetrical Triangle Breakdown*: Ethereum recently broke out of a long-term symmetrical triangle pattern on the monthly chart, leading to a sharp decline. The price is currently testing the $1,750-$1,800 demand zone.

- *Potential Reversal*: If Ethereum maintains the $1,750-$1,800 support zone and confirms a reversal, the next potential resistance targets are $2,400, $3,000, and $6,000.

Future Outlook

- *Bullish Scenario*: A confirmed rebound and close above $2,500 could trigger a long-term recovery, with potential targets at $5,000-$6,000.

- *Bearish Scenario*: Losing support at $1,750 could invalidate the bullish scenario and send Ethereum toward $1,500, aligning with the next major support.

Key Takeaways

- Ethereum is currently at a make-or-break point after breaking its long-term triangle pattern.

- Holding the $1,750-$1,800 support zone is crucial for a potential bullish reversal.

- Traders should closely monitor price movements and confirm signals with other technical analysis methods before making decisions.