Alright team, let's break down this juicy $ETH chart and see what's cooking. After a necessary correction, Ethereum has perfectly respected its long-term structure and appears primed for the next major leg up.
The Daily chart confirms that the recent downturn was simply a healthy retest of the major rising Support Zone. Critically, $ETH bounced cleanly off the previous horizontal structural support at $2,602. As long as we hold within this channel, the bullish momentum remains intact. The path of least resistance points directly toward retesting the all-time high zone and the identified target resistance at $5,396. A close below the lower trendline of the support zone would invalidate this aggressive bullish outlook.
On the fundamental side, Ethereum is firing on all cylinders. The narrative around a potential US Spot Ethereum ETF approval is building serious institutional excitement. Coupled with the successful Dencun upgrade (EIP-4844), which continues to drive down L2 fees and bolster ecosystem growth, $ETH utility is at an all-time high. This combination of strong technical structure and fundamental catalysts makes $ETH a must-hold asset.
Action Plan: Maintain a core position. Look for accumulation within the $2,600 - $3,000 support range or confirmation of a strong breakout above $3,500.
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