Ethereum (ETH) long positions hold the support, price ready to break through.

Gate News bot message, Ethereum (ETH) is facing a decisive moment, with its trading range extending for over six weeks. The current price structure reflects an increasing indecision among market participants, largely stemming from the geopolitical uncertainty brought about by the escalating conflict between Israel and Iran. This macro backdrop has injected volatility into the entire financial market, and Ethereum has not been spared. Although the price movement remains controlled, ETH long positions have shown resilience, holding firm at the $2500 mark—a critical area that has repeatedly acted as a support level over the past month.

However, to regain momentum, Ethereum must break through the resistance level of $2750 to $2800, which has proven to be a major resistance level since early May. This range still serves as the dividing line between consolidation and a full bullish breakout. If this level can be broken, it may trigger a wave of buying, as it would signify the end of the current sideways phase and potentially open up a new trend towards the $3000 mark.

In addition to the bullish perspective, analyst Ted Pillows also emphasized that Ethereum’s moving averages are about to form a golden cross. This occurs when the 50-day moving average crosses above the 200-day moving average—this technical signal is often associated with trend reversals and sustained rises. The last time this happened, Ethereum surged over 35% in just a few weeks.

As ETH hovers below a key resistance level and the macro environment remains unclear, the coming days may determine whether the golden cross can serve as a springboard for a strong rebound. If long positions hold above $2500 and reclaim $2800, Ethereum may be gearing up for a significant breakthrough, potentially igniting momentum across the entire altcoin sector.

(Source: X)