Ethereum’s Bullish Harmonic Pattern Signals Potential Rally to $3,200 Amid Critical Resistance

Ethereum's price action is at a pivotal moment, currently trading at the $2,590 resistance level. This zone is significant as it aligns with the 0.618 Fibonacci retracement and the midpoint of a broader price channel. Despite the ongoing bullish momentum, this resistance could prompt a short-term pullback before any further upward movement. A developing Butterfly harmonic pattern indicates a potential corrective leg C, which might see prices dip to around $2,226 before resuming the rally. Analysts are eyeing a potential surge to $3,200 if the pattern completes as expected. As of July 10, 2025, Ethereum's trajectory remains a focal point for traders and investors alike, with technical patterns suggesting both near-term caution and long-term optimism.

Ethereum Faces Critical Resistance as Harmonic Pattern Suggests Potential Rally to $3,200

Ethereum's price action has reached a decisive juncture, trading at the $2,590 resistance level—a zone marked by the 0.618 Fibonacci retracement and midpoint of a broader price channel. While bullish momentum persists, this barrier may trigger a short-term pullback before continuation.

A developing Butterfly harmonic pattern suggests a corrective leg C could target support NEAR $2,226, setting the stage for a bullish leg D toward $3,200. The asset's recent rally into this technically significant area reflects both psychological resistance and multiple confluent indicators.

Traders are watching whether ETH can convert this resistance into support. A successful retest of lower levels WOULD complete the harmonic formation, potentially fueling the next upward wave in line with Ethereum's broader market structure.

Ethereum Eyes $3,500 as Vitalik Buterin's Gas Fee Cap Proposal Fuels Bullish Momentum

Ethereum's price trajectory is gaining momentum as Vitalik Buterin's proposal to cap gas fees injects Optimism into the market. Trading at $2,533, ETH has solidified its position above the $2,500 support level, accompanied by a 70% surge in trading volume to $15.14 billion.

Buterin's EIP-7983 aims to impose a protocol-level gas cap of 16.77 million units per transaction, targeting cost volatility reduction and enhanced network security. "Practical, user-centered safeguards are essential as ethereum scales," Buterin emphasized at the Ethereum Community Conference. The proposal seeks to stabilize block utilization and improve compatibility with emerging technologies like zkVMs.

Technical indicators suggest an impending breakout, with accumulation patterns and Bollinger Bands aligning for upward movement. Whales are re-entering the market, further bolstering bullish sentiment.

Ethereum Faces Selling Pressure as Binance Inflows Surge to 14-Month High

Ethereum's price teeters near $2,500 amid mounting sell signals, with Binance recording its largest ETH inflows since May 2023. The 4.9 million ETH deposit suggests whales are positioning for liquidation, historically a precursor to downward momentum.

On-chain metrics flash warning signs as the Spent Output Profit Ratio (SOPR) hovers at 1.05, indicating widespread profit-taking. The $2,440-$2,520 range now serves as a critical battleground - failure to reclaim $2,600 resistance could accelerate declines.

Exchange reserves have become the market's pulse check. The current accumulation on trading platforms mirrors patterns preceding previous corrections, with the lack of sharp price reaction potentially lulling traders into false complacency.

Can Ethereum Price Hit $4k Amid This Strong Support & Whale Accumulation?

Ethereum's price trajectory is drawing significant attention as institutional and whale activity signals strong accumulation. A notable whale withdrew $17.5 million worth of ETH from Binance over three weeks, with funds partially redirected to Ethereum 2.0 staking contracts. This aligns with a Wyckoff pattern observed in ETH's price action, suggesting a potential rally toward $2.8K–$3.5K.

The cryptocurrency has rebounded from a long-term accumulation range near $2,350, with technical charts now projecting a $4,000 target. Analysts highlight the $2.9K resistance level as a critical threshold for confirming upward momentum. Exchange outflows and staking deployments underscore growing confidence among high-net-worth holders.