The latest price action has brought the ETH price back above $2,300, setting up a structure that says the next leg is about to start.
Technical Levels Reset, Analyst Flags Breakout ConditionsSecond, a resistance zone that repeatedly rejected price throughout Q1 2026 has now been flipped into a support area. The chart shared by Ash Crypto shows a rising trendline from the February lows supporting price from below and creating a tightening range alongside a support zone to create an ascending triangle pattern.
ETH has since broken above the upper boundary of that triangle and is now testing the horizontal resistance band in the $2,300 to $2,370 range. According to the analyst, all Ethereum needs to do now is just hold above the $2,300 level, and the next leg up will start. At the time of writing, Ethereum is trading at $2,316.
Perhaps the most compelling evidence of a changing market dynamic comes from derivatives order flow data. Throughout this cycle, Ethereum has faced persistently negative net taker volume.
This is a metric that measures the difference between buy and sell market orders on derivatives exchanges, and the negative reading means sellers were consistently overpowering buyers.
Featured image from Unsplash, chart from TradingView
