Ethereum is trading above $2,400 after enduring several days of volatility and uncertainty. The price has managed to stabilize despite sharp intraday swings, reflecting growing tension between bullish momentum and cautious sentiment. Analysts are now calling for a decisive move, with some expecting a breakout toward higher levels, while others warn of a possible correction if key demand zones fail to hold.

On one hand, ETH has shown strength by holding above its short-term support range, suggesting that buyers are stepping in with confidence. Bullish momentum appears to be building, especially as macro sentiment around risk assets begins to recover. On the other hand, opposing views point to weakening volume and lingering macroeconomic risks, which could trigger a deeper retracement if Ethereum fails to sustain current levels.

Adding weight to the bullish case is fresh data from CryptoQuant, which highlights a strong accumulation pattern among long-term ETH holders. According to the data, significant buying pressure emerged during the recent consolidation phase, with hodlers steadily increasing their positions. This divergence between price action and accumulation behavior suggests that foundational support for Ethereum remains intact, even as traders await the next major move.

Ethereum is struggling to reclaim the $2,500 level, but its ability to hold steady amid ongoing market uncertainty is a sign of underlying strength. For weeks, ETH has traded within a well-defined range between $2,200 and $2,800, with neither bulls nor bears able to take decisive control. This prolonged consolidation has delayed the long-anticipated altseason, which many believe will only begin once Ethereum breaks above key resistance and pushes into higher territory.

Despite the lack of clear direction, the macro setup is becoming increasingly interesting. Global markets remain volatile, with shifting interest rate expectations, geopolitical risk, and unpredictable liquidity conditions creating mixed signals across risk assets. Yet Ethereum continues to hold firm, supported not just by technical structure but also by significant long-term holder activity.

According to insights from CryptoQuant, a strong accumulation pattern has been detected among Ethereum holders. During the June consolidation phase, long-term investors steadily increased their positions, even as price action remained choppy. This divergence between price and accumulation volume signals growing confidence under the surface. When price consolidates while demand builds, the result is often explosive.

With ETH holding key support levels and long-term accumulation rising, the stage may be set for a major move. If Ethereum can push through $2,500 and reclaim higher ground, it could serve as the ignition point for a broader altcoin rally. Until then, the market remains in a state of quiet buildup. Something big is coming — and Ethereum is at the center of it.

Ethereum is currently trading at $2,470 after failing to hold intraday gains above the $2,500 level. The 12-hour chart shows ETH consolidating within a broader range, with $2,200 acting as strong support and $2,800 as key resistance. Despite several bullish attempts, Ethereum has struggled to reclaim higher ground, and the rejection near the 100-period SMA (green line at $2,537) signals persistent selling pressure near resistance.

The price is currently trading above the 200 SMA ($2,170) and just under the 50 SMA ($2,507), which now acts as a short-term resistance. This tight positioning of moving averages suggests ETH is at a decision point — either it breaks through $2,500 to target $2,600 and higher, or it risks rolling over if bulls fail to hold momentum.

Volume remains relatively flat, indicating indecision. The overall structure still favors a neutral-to-bullish bias, especially if price continues to close above the 200 SMA. However, a breakdown below $2,400 would increase the risk of a retest of the $2,200 support zone.

Featured image from Dall-E, chart from TradingView