Is Ethereum poised for 20% breakout?

The price of Ethereum broke below the support at $2500, which revived the possibility of a restest of the next support at $2200. Therefore, a structural higher low is going to form in a deep value zone following a breakdown from the rising wedge. The bulls have halted the bearish trend with a reversal above $2500 while the next price action remains uncertain. If the bulls maintain a healthy upswing, a rise above $2700 may elevate the levels to $3000. As the crypto winters are about to begin, the bullish probability remains within a limited range.

Therefore, if the price loses the current support zone between $2350 and $2416, then a drop close to $2000 could be imminent. This move may attract the required liquidity, which may revive a strong ascending trend.

The ETH price is still trading above the EMA 50 support level in the longer time frame and hence there could be a possibility of a price capitulation. Therefore, the sluggish phase is expected to go on where the price may continue its trade within a narrow range. Hence, the Ethereum (ETH) price is believed to maintain a range-bound trade for a few more weeks, which may result in a bullish breakout beyond $3000.