Ethereum maintains support above $2,408.17, stabilizing within a falling wedge pattern.
Measured move projections point to potential targets at $2,811.81 and $3,131.08.
Broader mid-to-long term targets remain at $3,700, $4,450, and $7,000.
Ethereum (ETH) has maintained a stable position above key support, hinting at a possible recovery from its recent downtrend. As of the latest data, ETH trades at $2,423.09, reflecting a 0.3% increase over the past 24 hours.
The current trading range lies between $2,408.17 and $2,473.84, marking a period of low volatility. Despite subdued movement, technical setups point toward possible upside targets in the coming weeks.
Support Zone Holds Firm Amid Price Compression
The price recently dipped toward a critical support area around $2,200, as seen in the daily chart. This zone held firm, preventing further downside and suggesting demand at lower levels. During this phase, ETH printed a falling wedge pattern, often associated with trend reversals when followed by a breakout. The current price has stabilized within this pattern while respecting the wedge boundaries.
Volume remained low during the drawdown, signaling reduced selling pressure. However, the price bounced off the lower wedge support and moved above the 0.0 Fibonacci level. Short-term recovery attempts will likely face resistance at $2,473.84, while support remains intact at $2,408.17. A break above the wedge structure may initiate a broader move higher.
Measured Moves Indicate Upside Potential
Three measured move projections are plotted from the wedge’s breakout point. These suggest potential target levels of $2,811.81 and $3,131.08. These levels are based on vertical extensions drawn from the wedge’s depth. The targets show a strong alignment with past price structures and could become relevant if momentum strengthens.
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Short-term Fibonacci levels may offer insight into interim resistance. The 0.236, 0.382, and 0.5 retracement zones lie just below the first major target. Price action approaching these levels may lead to temporary pullbacks or consolidation. However, if ETH clears this area, the next projection at $3,131.08 becomes the likely point of focus.
Broader Mid-to-Long Term Targets Remain Active
In addition to the short-term levels, broader targets remain active in the mid-to-long term. Mid-term projections are identified at $3,700 and $4,450. These zones mark levels where past rallies stalled and could serve as checkpoints if bullish momentum returns.
A longer-term projection highlights the $7,000 mark as a potential upside target. These targets reflect levels that may come into play if price extends beyond short-term resistance zones. For now, Ethereum holds above its lower bounds, and any further moves depend on whether buyers can push through the wedge ceiling.
