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Ethereum Breaks Above Month-Long Range – 1.3M ETH Held At $2.70K–$2.74K May Anchor Price
- Ethereum shows resilience by holding above $2,750 despite market uncertainty and retracement from a recent high of $2,830.
- On-chain data indicates Ethereum breaking out of a month-long consolidation range, with significant ETH accumulation at $2,700–$2,740 and $2,760 levels.
- The current structure favors an upside continuation for Ethereum with strong on-chain support and resistance at $2,830, potentially leading to a move towards $3,000 and initiation of an altseason.
- Ethereum's price action is closely watched as an indicator for the broader crypto market amidst U.S.-China trade deal negotiations and global risk sentiment.
- A breakout above $2,830 could signal the start of a long-awaited altseason, supported by positive sentiment and growing strength in Ethereum's consolidation breakout.
- Ethereum is trading at $2,766 with a bullish structure on the 4-hour chart after breaking out of the month-long range and hitting a high of $2,794.
- The current support zone for Ethereum is around $2,700–$2,740, with moving averages (50, 100, and 200 SMAs) turning upward and acting as additional support levels.
- Volume surged during the breakout, indicating buying pressure, and a successful retest of the breakout zone could lead to further upside towards $2,850–$2,900.
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