Ethereum Price Holds Accumulation Zone Ahead of Potential Breakout

Ethereum's price has been trading near the lower part of a long-term upward structure, as two charts shared by Crypto Patel and James Easton suggest that the cryptocurrency is preparing for a potential recovery phase.

The ETHUSDT 2-week Binance chart shows Ethereum's price hovering around $2,300 after pulling back from the $3,500 to $4,800 resistance region. This area has been identified as a liquidity grab and accumulation zone by Crypto Patel, where previous rebounds have taken place since 2022.

According to the chart, Ethereum needs to reclaim major resistance levels before reaching its potential target of $60,000. The first major resistance sits near $2,480, followed by the wider $3,500 to $4,900 band. A clean move above this region would be crucial for Ethereum's price to break out.