Ethereum Price Set for Breakout: Key Levels to Watch

Ethereum (ETH) is currently in a consolidation phase, with traders keenly observing the key levels for a potential breakout. According to a recent X post by CryptoJack, a crypto analyst, ETH is forming a range. The analyst is waiting for a breakout above $3,650 before entering a significant long position. This insight aligns with recent chart analysis, highlighting critical support and resistance levels that could dictate Ethereum’s next move.

Recent trading data shows that Ethereum is navigating a narrow range between $3,475 and $3,650. This range formation suggests that the price is gearing up for a decisive move. On the one-hour chart, ETH shows significant support at around $3,475, providing a strong foundation for potential upward momentum. Conversely, the resistance level at $3,650 is a crucial barrier that ETH needs to surpass to confirm a bullish trend.

The analyst’s chart indicates a potential breakout scenario. The projected path, marked in blue, shows ETH consolidating within the current range before breaking above the $3,650 resistance level. If this breakout occurs, ETH could experience a substantial upward surge, targeting higher price levels. This aligns with his strategy of waiting for a breakout above $3,650 before entering a big long position, suggesting confidence in a bullish move once this level is breached.

Additionally, the Relative Strength Index (RSI) indicator provides further context. At press time, ETH price was at 3,509.49 with an RSI of 44.30, indicating a neutral market sentiment. This neutral zone means the market is neither overbought nor oversold, providing room for significant price movement in either direction. The 4-hour chart also shows a consolidation phase with minor fluctuations between approximately $3,450 and $3,600. This underscores the ongoing range-bound behavior.

A breakout above $3,650 would likely trigger a strong bullish trend, making it a crucial point for traders considering long positions. Conversely, a failure to break this resistance could see ETH continue its range-bound behavior, testing the support level around $3,475. This shows the importance of these critical levels in determining Ethereum’s short-term price direction.