Ethereum Approaches Decisive Level – Trading Around 200 DMA Resistance

Ethereum is showing renewed strength after climbing above the $2,600 mark with ease, holding firmly above key support levels as bulls attempt to reclaim momentum. The move comes after weeks of range-bound price action, and while the breakout attempt has gained attention, traders are now watching closely for confirmation through a decisive push above the next resistance zone.

So far, ETH has held up well despite broader market volatility. With buyers back in control, the focus has shifted to whether Ethereum can break through the upper boundary of its current range and begin a sustained move higher. Without follow-through, price risks slipping back into consolidation, frustrating bullish positioning.

Top analyst Big Cheds recently shared a technical analysis highlighting that Ethereum is now pushing into weekly range highs, specifically a zone defined by a cluster of upper shadows and the underside of the 200-day moving average (DMA). This region has repeatedly acted as resistance, rejecting previous rally attempts.

Ethereum is at a critical juncture as bulls push price toward the $2,800 resistance — a level that must be decisively cleared to confirm a breakout and transition into a full bullish phase. After a sharp rebound from April’s low, where ETH traded near $1,400, the asset has surged more than 90%, reclaiming key moving averages and breaking through previous short-term resistance levels. Momentum is clearly building, but Ethereum now faces its most important test.

The $2,800 zone marks the top of the current range and coincides with multiple technical barriers. Cheds highlighted that ETH is now trading into weekly range highs, where a cluster of upper shadows has repeatedly rejected price. This region also aligns with the underside of the 200-day moving average (DMA), reinforcing it as a major zone of resistance. According to Cheds, the bear thesis fails if ETH can flip $2,750 into support — a level that would likely signal trend reversal and sustained upside.

However, macro risks remain. US Treasury yields continue to climb, reflecting concerns over inflation and tighter financial conditions. Rising yields often put pressure on risk assets, including cryptocurrencies, by pulling liquidity out of speculative markets.

Despite these headwinds, Ethereum’s structure remains strong. As long as bulls maintain pressure and defend higher lows, the path toward reclaiming $3,000 becomes more probable. A confirmed breakout above $2,800 would likely trigger increased participation, both from technical traders and investors sidelined by recent volatility. Until then, ETH remains rangebound — but the momentum is clearly shifting in favor of the bulls.

Ethereum is currently trading at $2,688 on the 4-hour chart, after a strong breakout from a multi-day ascending triangle structure. The move was backed by rising volume and a clean reclaim of all major moving averages — the 50 SMA ($2,558), 100 SMA ($2,571), and 200 SMA ($2,535) — which now act as support beneath price.

ETH has pushed directly into a key resistance zone between $2,690 and $2,735, highlighted by several previous rejection wicks. This area has acted as a supply zone since mid-May, capping every breakout attempt and leading to swift pullbacks. The current test marks Ethereum’s fifth attempt to break above this level in recent weeks, which increases the odds of a potential breakout, especially if bulls maintain momentum and volume remains elevated.

However, if ETH fails to clear this zone, a pullback toward the 200 SMA or the $2,600 level is likely, especially if volume tapers off. The structure remains bullish in the short term, with higher lows forming and buying pressure increasing.

A confirmed 4H close above $2,735 would signal breakout confirmation and likely trigger a push toward $2,900–$3,000. Until then, ETH remains rangebound — but bulls are clearly pressing on the door.

Featured image from Dall-E, chart from TradingView