Ethereum's 1-day chart is forming a megaphone pattern, indicating growing uncertainty and the potential for high volatility.
Key levels to watch are a breakout above $2,400 for bullish momentum and a drop below $2,240 for a bearish breakdown.
Analysts suggest that maintaining above $2,550 is crucial for Ethereum's bullish momentum, targeting further gains; failing to do so may lead to a drop to $1,800.
Ethereum has cleared a descending channel on the 2-hour chart, signaling a shift towards short-term bullish momentum; if it sustains above $2,446, the next target could be $2,700.