After rallying more than 11% off the April 22 move, Ethereum has spent the last six days stuck in a tight consolidation range between $1,744 and $1,835. This comes after a strong move higher that showed strength from bulls, but since then, ETH has struggled to expand further as momentum has cooled. Broader market volatility has also declined, with the VIX topping out near 60 earlier this month and now trading closer to 25, suggesting a quieter environment across the board.

Don’t Miss:

• Trade crypto futures on Plus500 with up to $200 in bonuses — no wallets, just price speculation and free paper trading to practice different strategies.

• Grow your IRA or 401(k) with Crypto – unlock  the power of alternative investments including a Crypto IRA within your retirement account.

For now, Ethereum is coiling in a narrow structure, and the next directional move out of this range will likely set the tone for the coming weeks. If bulls want to see continued upside, the first goal will be to break and hold above $1,835. However, caution is still warranted even on a breakout, as ETH remains about 8% below the next significant upside level at $1,956 — the April high.

A clean reclaim of $1,956 could open the door to higher prices, but without strong follow-through, there’s a risk of false breakouts. Momentum will be key. Traders should be patient and wait for confirmation rather than getting caught chasing price within a still-choppy environment.

Key Upside Levels to Watch:

• $1,835: Top of the current 6-day consolidation range.

• $1,956: April high and the next major upside target.

• $2,140: Important daily level where ETH tried to form a base before breaking down; also aligns with the March 24-25 swing high.

• $2,520 – $2,700: Major high-timeframe zone formed after the March 2 crypto reserve announcement.

If Ethereum can clear $1,956, the next major level to watch would be $2,140. This area is important because on the daily chart, ETH previously tried to build a base here before breaking down, and it matches up with the March 24-25 swing high, making it a strong technical zone.

Trending: New to crypto? Get up to $400 in rewards for successfully completing short educational courses and making your first qualifying trade on Coinbase.

Beyond $2,140, bulls will have their eyes on the $2,520 to $2,700 range. This zone is a major high-timeframe area created during the rally that followed the crypto reserve announcement. It represents a previous swing high where heavy profit-taking took place. A clean reclaim of this zone would suggest a much broader structural shift for Ethereum, potentially setting the stage for a stronger trend reversal.