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Ethereum remains stuck below the $2,400 area, but higher-time-frame charts suggest a broader bullish setup is taking shape. Traders point to the need for ETH to clear moving-average resistance before a potential move toward the $4,900 level comes back into focus.
On the weekly chart, ETH has remained below $2,400 as price struggled to break above a major moving-average zone, according to a TradingView chart shared by Daan Crypto Trades on X.
The chart indicates ETH is trading within a wider range of roughly $2,100 to $2,800. ETH has recovered from an earlier low near $1,750, but it has not cleared the upper moving-average resistance.
ETH Weekly 200MA and 200EMA Range. Source: Daan Crypto Trades on X.
The weekly 200MA and weekly 200EMA are positioned above the current ETH price area, and these moving averages are described as important because they often act as resistance when price trades below them.
Despite the lack of a breakout, ETH is still holding above the lower part of the marked range. The $2,100 to $2,166 area is identified as near-term support, while the $2,815 to $2,851 zone is marked as upper resistance.
In this view, a move above $2,400 would bring the weekly 200MA and 200EMA back into focus. Conversely, a drop below $2,100 would weaken the current recovery structure.
On the three-day chart, Ethereum is described as forming a large inverse head-and-shoulders structure, based on a TradingView chart shared by Ray on X.
The chart shows ETH building a long-term base above an ascending support trendline. The left shoulder is noted as forming after the 2025 pullback, while the head formed near the lower support area in early 2026. Since then, ETH has recovered and moved into the right-shoulder area.
This type of structure is often associated with buyers regaining control after a prolonged correction.
The main target on the chart is near $4,900. The level is said to align with a horizontal resistance area from Ethereum’s previous cycle highs.
However, the setup is described as not fully confirmed yet: ETH still needs to continue higher and challenge the upper resistance zone. A rejection before that area would keep the pattern incomplete.
For now, the focus remains on whether buyers can push ETH toward the $4,900 resistance level while the broader recovery structure holds.
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