TLDR
- Peter Brandt said Ethereum may be forming a local bottom near the $1,750 to $1,800 support zone.
- He stated that a breakout above $2,250 to $2,300 could push the price toward $2,400 and $2,600.
- Brandt explained that the daily chart still needs confirmation before signaling a full trend reversal.
- Analyst Marcus Corvinus identified $2,150 as a key decision level on the four-hour chart.
- CoinGlass data showed ETH futures open interest rose 19.15% to $33.37 billion in 24 hours.
Ethereum trades between $2,100 and $2,300 after a sharp drop earlier this year. Veteran trader Peter Brandt said price action shows early signs of stabilization near long-watched support. He stated that a breakout above near-term resistance could trigger a fresh recovery move.
Ethereum Price Tests Resistance as Support Zone Holds
Brandt reviewed the daily chart and identified a small rounding bottom near historical support. He said buyers defended the $1,750 to $1,800 area after the decline from $3,000. As a result, Ethereum formed a gradual sequence of higher lows.
He stated that price now tests a rising resistance line near $2,250 to $2,300. “A move above this zone could open the way toward $2,400 and then $2,600,” Brandt said. However, he added that failure to hold strength could push ETH toward $2,050, $1,900, and $1,750.
Brandt explained that the daily chart still seeks confirmation of a trend reversal. He said the setup reflects stabilization rather than a completed breakout. Therefore, price must hold gains to confirm further upside.
Crypto analyst Marcus Corvinus also highlighted the $2,150 level on the four-hour chart. He described it as a decision point within a tightening structure. He said a break higher could send ETH toward $2,200 and $2,250.
Corvinus added that rejection at resistance may drive price toward $1,930 demand. He stressed that short-term direction depends on how price reacts near $2,150. His outlook aligned with Brandt’s focus on nearby resistance.
Futures Data and Treasury Buying Support Ethereum Price Narrative
Futures market data showed increased activity during the rebound. CoinGlass reported that ETH futures open interest rose 19.15% to $33.37 billion. Total crypto futures open interest climbed 9.43% to $113.78 billion within 24 hours.
Brandt also assessed the monthly chart structure. He said Ethereum remains inside a broad multi-year consolidation pattern. The chart shows higher lows supported by a rising trendline.
However, price continues to trade below resistance between $4,000 and $4,800. Brandt stated that Ethereum still moving within a long-term basing phase. He said the chart does not confirm a macro breakout yet.
Corporate buying activity also drew attention during the rebound. ETH treasury firm BitMine confirmed it acquired 60,999 ETH over the past week. The company now holds about 4.6 million ETH valued near $10 billion.
BitMine also retains $1.2 billion in cash reserves. The company disclosed these figures in a recent press release. These holdings reflect ongoing institutional participation in Ethereum markets.
