FX.co ★ otsunume | #Ethereum chart analysis

Last week, Ethereum experienced a modest decline overall, but Friday’s price action changed the picture slightly as the market recovered and pushed higher again. By the end of the week, the price had more or less returned to where it started, which suggests that the market is currently lacking clear direction. At the moment, I would describe the chart structure as somewhat uncertain in the short term. Even so, I still personally favor the bullish scenario because the broader trend on higher timeframes continues to point upward. From my perspective, the recent decline still looks more like a normal corrective movement rather than the beginning of a larger bearish reversal. The pullback has remained relatively controlled and has not reached levels that would seriously damage the long-term bullish structure. In addition, Friday’s recovery allowed Ethereum to break above a small descending channel that had been guiding the recent correction. This breakout is technically important because it may signal that the first new wave of bullish momentum has already started forming.

Because of this setup, I believe long positions could become attractive if the market experiences another temporary pullback. One area I am watching closely is around the 2270 level, which aligns with the Fibonacci 38.2 retracement zone. If price retraces toward that area and buyers begin defending it successfully, it could provide a favorable entry point for bullish trades with relatively controlled risk. As for the upside targets, the first objective would likely be a return toward the previous high near the 2400 area, which corresponds roughly with the Fibonacci 161 extension level. Reaching this zone would mainly represent a recovery back toward the recent highs rather than a completely new breakout. However, in an ideal bullish scenario, I believe Ethereum could eventually continue climbing toward the 2600 region, which has been my broader target from the beginning. That said, a stronger move toward 2600 would probably require additional support from external factors such as improved market sentiment, stronger demand in the crypto sector, or favorable macroeconomic conditions. For now, the technical outlook still leans bullish overall, but confirmation from price action and broader market conditions will remain important before expecting a larger breakout to develop.