Due to global tensions and macroeconomic uncertainties shaking investors' confidence in the market, Ethereum has seen a significant pullback in the past 24 hours, dropping over 10%. This retracement comes amid rising U.S. bond yields and escalating trade conflict rhetoric between major global powers, especially the U.S. and China. While Bitcoin remains strong above key support levels, altcoins, including Ethereum, are facing pressure, prompting short-term traders to stay cautious.
However, some analysts believe this drop may present an opportunity rather than a threat. Top analyst Ted Pillows shared some technical analysis indicating that even after a significant decline, Ethereum has been able to hold its range support well. Pillows sees ETH's ability to maintain above key support levels as a positive signal, suggesting that if it can regain momentum within the range, it could potentially break to higher levels.
The coming weeks could be crucial for Ethereum and the broader altcoin market. If market volatility stabilizes and Bitcoin continues to consolidate above $100,000, Ethereum may lead the next rally, opening the door for strong performance in the altcoin market. Currently, traders are closely monitoring ETH's movements around the current support level to determine whether a deeper pullback will occur or a bullish reversal is on the horizon.
Ethereum maintains range support amid market volatility.
Despite increasing macro uncertainty and escalating political tensions between Elon Musk and U.S. President Donald Trump, Ethereum has shown resilience. After a significant pullback, ETH successfully held key support levels, with bulls stepping in around $2,400. This recovery comes amid tensions in the cryptocurrency market, reacting to shifts in volatility across broader financial markets and global asset market sentiment.
ETH is still about 48% lower than its historical peak, and if momentum continues to strengthen, there remains significant upside potential. The coming weeks will be decisive, especially in the context of Bitcoin breaking above the $100,000 level, with traders looking towards Ethereum and other altcoins to drive the next rally. Despite global headwinds from inflation and escalating trade tensions, Ethereum remains strong within its current range.
Pillows emphasized in a recent analysis that Ethereum retains solid range support after the crash. He believes recovering this range is a key signal that bulls are still in control. If ETH can break through recent resistance levels and reclaim the $2,600 mark, it could aim for $3,000—a psychological and technical milestone.
As consolidation continues, ETH shows signs of a rebound.
Ethereum (ETH) is currently trading at around $2,466, slightly above the 34-day moving average of $2,422 after a week of volatility. From the daily chart, ETH is still within a consolidation range between $2,400 and $2,700. Despite recent pressure on altcoins, ETH has successfully avoided a collapse and is attempting to stabilize above the 50-day and 100-day moving averages.
Charts show that ETH's recent pullback halted near the 100-day moving average (around $2,068), which has served as strong dynamic support in past cycles. Maintaining this structure is crucial for sustaining the bullish outlook. If bulls can push the price back above the 200-day moving average ($2,666), Ethereum may attempt to break through $2,700—this move could likely open the door for a rally towards $3,000 and signal a broader resurgence in the altcoin market.
Trading volume remains moderate, indicating that traders are waiting for confirmation before building positions. As long as ETH stays above the $2,400-$2,450 range, the bullish argument remains valid. However, if the daily close drops below $2,400, a deeper pullback towards the $2,200 area may occur, with the 100-day moving average providing additional technical support in that region.
