Ethereum (ETH) is hovering around $2500 right now, after a slight pullback from its recent highs near $2600. It’s been a strong few weeks for ETH, with a 50% rally behind it, but the market’s now in a wait-and-see mode. Traders are watching the $2350 to $2425 zone for support, while any move above $2750 could spark fresh momentum. With network upgrades like ‘Pectra’ and rising demand for ETH in DeFi, sentiment remains quietly bullish, just waiting for the next breakout trigger.
Despite the market volatility, the ETH price is still moving in the range, which means the token is still within a bullish range. After trading in a micro range for nearly two years, a breakout is expected to occur in a short while. Besides, the token in the wider perspective appears to be experiencing its first consolidation following a strong recovery, which seems to be the beginning of the next bullish wave. This could be the reason that whales have begun to accumulate ETH at a large scale.
The whale accumulation was seen during the Q4, 2024 breakout, which faded as the rally proceeded towards the end of the first quarter, with the drop in the ETH price. Meanwhile, the current accumulation is nearly two times larger than before, with the price remaining within a stable range. This suggests the bulls are also optimistic, along with whales, and hence, the price may soon experience a breakout of the consolidation.
In the long term, the ETH price is trading within a macro bullish flag, and hence, this could be more pivotal than the short-term pullbacks. The token appears to be trading within a macro bullish flag, and hence, a breakout beyond the resistance is believed to initiate a fresh upswing.
The weekly chart of Ethereum shows a tight consolidation within predefined resistance and support levels. It also resembles the formation of a bull flag, and hence, a breakout from the range could push the price beyond the resistance of the channel. Therefore, the ETH price now appears to be poised to keep rising throughout 2026 and mark new highs above $7000 in the first few weeks of 2027.
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