Ethereum at a critical juncture: The price is testing the $2.6K-$2.7K resistance zone. A break above this range could signal a medium-term bullish trend, potentially pushing the price to $2.8K and beyond.

However, if the resistance holds, Ethereum could enter a bearish consolidation phase.

Technical analysis shows that the asset is facing significant resistance at $2.6K, which includes the neckline of the Head and Shoulders pattern and the 100-day moving average (MA). A break above this zone would confirm a bullish reversal.

On the 4-hour chart, Ethereum found support at $2.3K, forming a double bottom, which led to a sharp increase in price. However, the $2.6K-$2.7K resistance zone remains difficult to overcome.

Analysis of the futures market shows that the ratio of purchases to sales indicates a dominance of buyers, which may indicate the beginning of a bullish trend.