Ethereum trades near $2.75K after holding a multi-week consolidation above $2.4K, pressing into the $2.8K resistance zone that stands between the asset and a run at $3K. The daily chart shows a bullish structure, but the Coinbase Premium Index still reads negative, pointing to soft US spot demand even as price nears the pivot.
Ethereum is trading around $2.75K after holding a multi-week consolidation above $2.4K. The broader structure stays constructive, but ETH now presses into resistance that will decide whether the advance extends toward the next supply zone.
Daily chart shows a bullish shift
The daily chart shows structural improvement from the June low near $1.5K. ETH has formed higher lows along an ascending trendline, moving above both the 100-day and 200-day moving averages. Those averages printed a bullish crossover around $2.1K, both sloping upward below current price.
After reclaiming $2.4K, ETH accelerated toward the $2.8K resistance zone, where it now trades in tight consolidation rather than a decisive breakout. A daily close above this region would bring the next major resistance into focus: a bearish order block around $3K. A rejection, however, could send ETH back toward the $2.4K support zone, which has become an important near-term structural level.
The 4-hour setup narrows the range
The 4-hour chart shows ETH's impulsive move from roughly $2.4K toward $2.8K before it entered sideways consolidation, repeatedly holding above $2.6K. The main resistance sits around $2.8K, tested several times already, with the latest candles again approaching that upper boundary.
On the downside, the first significant support runs $2.4K-$2.5K, the bullish order block that formed the base of the latest advance. A deeper correction could reach $2.2K, followed by $1.85K-$1.9K. The 4-hour RSI sits in the low-60s, favoring the upside without yet reaching an extreme reading.
On-chain demand signal stays mixed
The Ethereum Coinbase Premium Index currently stands around -0.03, according to CryptoQuant data, after spending much of the recent period below zero with only brief positive spikes in September. A negative premium generally signals ETH trading at a discount on Coinbase relative to the reference market, pointing to comparatively weaker buying pressure from US-based participants.
That creates a split between the price structure and the demand signal: charts show a bullish shift and a press on resistance, while the premium has not sustained a positive reading. Historical patterns suggest bullish ETH phases usually come with a positive Coinbase premium, so a shift back above zero alongside a break of $2.8K would reinforce the case for stronger spot demand. If the premium stays negative while price struggles at resistance, the advance could instead need another consolidation or pullback.
ETH remains above its major daily support levels, preserving a constructive higher-low sequence. The reaction at $2.8K resistance and $2.4K-$2.5K support should show whether the current range resolves into another leg higher or a deeper pullback.
Source: CryptoPotato
Trading involves risk.
Risk Disclaimer
