A crypto analyst stated that Ethereum continues to show resilience on the daily timeframe as of July 7. After a period of consolidation, ETH is holding above the key support level and maintaining its higher-low structure, and if ETH defends its current range, the path toward higher targets will remain intact.
Ethereum Holds Above Key Support Zone
In an X post, Believer pointed out that ETH has reclaimed key Fibonacci support at $2,572 and is now grinding higher toward the resistance level. The immediate focus is on flipping $2,605 into support, which would confirm short-term bullish control and open the door toward $2,665, which is the next key resistance level.
Technically, the indicators are starting to favor the bulls, and the Relative Strength Index (RSI) sits at 55.73, while the Moving Average Convergence Divergence (MACD) has crossed into positive territory, signaling growing upward momentum. Also, the support is at $2,503, while the resistance is at $2,605, $2,665, and $2,759.
Believer notes that bulls want to break the stubborn range above $2,665. He also stated that Patience may soon pay, as signs of accumulation, rising indicators, and price pressing against resistance.
Another analyst, Crypto Bureau XLab, also analyzed that Ethereum is coiling for a breakout of an ascending triangle pattern on the 4-hour chart. A confirmed breakout above $2,720 could ignite a sharp rally toward the $3,150 region with momentum building, which is a bullish continuation pattern.
However, XLab warns of a potential rejection scenario, that if ETH fails to break through the $2,720 zone, it could lose short-term bullish momentum, which might send ETH back down to retest deeper support near $2,100 to $2,000 zone, which has previously served as a strong accumulation zone.
Breakout Could Trigger Rapid Climb Toward $4,000
Crypto Jaibrah also took to X to reveal that Ethereum is shaping up for a breakout, with a massive cup and handle formation developing on the 3-day chart, a bullish pattern that often precedes explosive moves.
ETH is finding support on the Exponential Moving Average (EMA) ribbons, showing that the uptrend remains intact and structurally strong. A confirmed breakout above $2,850 will activate the price target at $4,000. Ethereum is also undergoing a significant Bollinger Band Width squeeze on the chart, a reliable signal that shows volatility is about to expand, and these periods of compression often lead to sharp directional moves.
The Volume Range Visible Profile (VRVP) reveals a notable volume gap between $2,850 and $3,200, which means there’s little resistance in that zone. If ETH breaks above $2,850, the price could rapidly accelerate toward $3,200 with minimal friction.
Featured image from iStock images, chart from tradingview.com
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