Peter Smith
⬤ Ethereum has pushed above the $2,100 mark, reaching an important technical zone after pulling back from recent highs. A daily close above this level could trigger a move toward $2,400, while dropping below it might send ETH back to retest this week's lows.
⬤ The chart reveals ETH bouncing from lower support levels and returning to what was previously a contested resistance area. The $2,100 zone now serves as a critical short-term pivot that'll determine where price heads next. Staying above it would confirm bullish strength and clear the path toward the $2,400 resistance target.
⬤ If Ethereum can't hold above $2,100, there's a real possibility of further downside. In that scenario, price could revisit the recent weekly low that formed during the latest selloff. How the market reacts around this level will be crucial for determining the near-term direction.
⬤ This zone matters because it sits right between recent support and resistance structures. A sustained close above it would signal continuation toward higher resistance levels, while rejection would keep Ethereum trapped in the current corrective range.
Peter Smith
