Ethereum Repeats Resistance Retest Model in 2024 at 2,600 USD

Ethereum is currently trading at $2,619.59 and has successfully retested a key support zone over the past few weeks. This pattern closely mirrors the price behavior seen in early 2024, when Ethereum also consolidates above this zone before moving higher. Although the current setup is taking longer, analysts are closely monitoring this structure. Ethereum holds the black support zone as technical patterns form According to the analysis prepared by IncomeSharks via X, the recent pullback of Ethereum was predicted after a strong breakout. The price has maintained a crucial support level around 2,600 dollars, serving as a consistent foundation in the current consolidation process. This zone aligns with previous support levels that were tested earlier in 2024.

Ethereum has clearly formed an ascending triangle pattern on the 12-hour chart. According to Captain Faibik, this structure indicates a potential breakout if the buyers can surpass the resistance level of $2,720. The longer Ethereum stays above the base level, the higher the likelihood of continued upward movement.

The 26-day exponential moving average has also surpassed the 200-day EMA, indicating new momentum. Continuing to move above $2,720 could shift the focus to levels of $2,880 and $3,000. The cost basis of ETFs and market volatility affect short-term price action. According to CoinMarketCap, Ethereum has increased by more than 44% in the past month, although it is still trading below the average cost basis of ETF investors. Data from Glassnode shows that the average entry point for BlackRock's ETF is $3,300, while Fidelity's is nearly $3,500. With ETH below $2,700, these positions are still at an unrealized loss.

Despite recent corrections, spot Ether ETFs have recorded nine consecutive days of inflows totaling more than 435 million dollars since May 16. Analysts believe this is due to reduced concerns over U.S. tariffs following a federal court injunction on May 28. Technical and institutional signals are currently aligning regarding the potential for price increases in the near future.