Ethereum Price Hovers at Critical Resistance Zone

The Ethereum (ETH) price is currently facing a crucial test as it approaches the first resistance zone between $2,290 and $2,365. This zone has been identified by analysts as a key area of contention for the cryptocurrency, with a clean break above potentially paving the way toward the upper range.

According to recent charts shared by MCO Global DE, ETH is currently trading within this resistance zone, but the move appears to be a three-part structure rather than a stronger impulsive breakout. This suggests that the bounce has not yet confirmed a more significant upward trend for ETH.

If ETH fails to break above this level and instead loses support, it could lead to a decline toward lower levels, with the cryptocurrency potentially testing downside Fibonacci levels near $2,240, $2,178, $2,119, and $2,037.