Ethereum Price Action Trapped Below $2,400 as Bullish Setup Forms

Ethereum's price action has been characterized by a range-bound trading pattern, with the cryptocurrency struggling to break above the $2,400 area on the weekly chart. This zone is marked by resistance from moving averages, which often act as obstacles for price when it trades below them.

However, higher time frame charts reveal a wider bullish setup forming, indicating that buyers may regain control in the near future. A key aspect of this setup is the inverse head and shoulders structure on the three-day chart, which often appears when buyers recover from a long correction.