As highlighted in previous analyses, the current Ethereum price resides at a pivotal juncture, constituting a make-or-break scenario. The price has demonstrated successful adherence to the trendline, prompting an upward surge. It now confronts a descending trendline, and a breakout here could trigger a bullish momentum, whereas rejections may result in a retreat to the major robust trendline support.
Over the last two months, Ethereum has maintained a positive trajectory, consistently ascending. The heightened buying pressure facilitated a breakthrough past the significant $2,000 resistance, propelling an ongoing rally. Consequently, the ETH price has recently seen a sharp uptick, setting its sights on the crucial $2,300 resistance zone.
This price range poses a formidable challenge for Ethereum buyers, marked by the static resistance at $2,300 and the dynamic resistance represented by the upper trendline of the Wedge.
The trendline has proven to be a substantial obstacle on three occasions, impeding Ethereum's upward movements. However, a successful reclaim of this critical region could pave the way for Ethereum to target the $2,500 mark in the next phase of its trajectory.
