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Ethereum Analyst Eyes High Timeframe Close – Range Break Above $2,800 Could Be Violent
- Ethereum is consolidating below $3,000, with bulls aiming for a breakout above this key resistance level.
- Geopolitical tensions, including the conflict between Israel and Iran, are contributing to market volatility.
- ETH has held above the $2,500 support zone, showing resilience amidst market uncertainty.
- Technical analysis by analyst Daan indicates Ethereum is trading within a tight range, signaling potential for a strong move.
- Traders are watching for a higher timeframe close above $2,800 to confirm bullish momentum and target $3,000.
- The market remains balanced, with sentiment susceptible to shifts based on geopolitical developments.
- Despite being 60% below its 2021 high, Ethereum is showing signs of recovery.
- Confirmation of a rally depends on a higher timeframe close above critical levels, particularly $2,800-$3,000.
- The market environment faces challenges from geopolitical tensions and macroeconomic uncertainty.
- The current range-bound trading reflects equilibrium between buyers and sellers, signaling an impending surge in volatility.
- Technical indicators suggest ETH is preparing for a significant move, potentially toward reclaiming $3,000.
- ETH is holding above the $2,500 level, with potential downside support at the 200 SMA near $2,117.
- A breakout above $2,800 could propel Ethereum toward $3,000 and beyond, while a drop below $2,500 may trigger bearish pressure.
- Traders are awaiting confirmation of a breakout to determine the next trend direction.
- ETH's current sideways movement and consolidation phase may precede a strong breakout or breakdown in the near future.
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