Ethereum Repeats 2024 Support Retest Pattern at $2,600, Here’s Why Analysts Are Watching Closely

Ethereum holds $2,600 support, mirroring its 2024 pattern and forming an ascending triangle.

Analysts watch $2,720 resistance as a breakout level while EMAs signal growing bullish momentum.

ETH ETFs see $435M inflows despite investor losses, as tariff fears ease and confidence returns.

Ethereum is currently trading at $2,619.59 and has been successfully retesting a key support area for the past few weeks. This pattern closely mirrors price behavior seen in early 2024, when Ethereum also consolidated above this zone before moving higher. Though the current setup is taking more time, analysts are watching this structure closely.

Ethereum Holds Black Support Zone as Technical Patterns Form

According to analysis prepared by IncomeSharks via X, Ethereum's recent pullback was expected after a strong breakout. The price has maintained key support around $2,600, which has acted as a consistent base during the current consolidation. This zone aligns with earlier support levels tested in early 2024.

Source: IncomeShark(X)

Ethereum has formed a clear ascending triangle pattern on the 12-hour chart. According to Captain Faibik, this structure suggests a possible breakout if bulls can clear the $2,720 resistance level. The longer Ethereum holds above its base, the stronger the potential for an upward continuation.

Source: CaptainFaibik(X)

The 26-day Exponential Moving Average has also crossed above the 200-day EMA, indicating renewed momentum. A continued move above $2,720 could shift focus toward the $2,880 and $3,000 levels.

ETF Cost Basis and Market Volatility Affect Short-Term Price Action

According to CoinMarketCap, Ethereum is up over 44% in the past month, though still trading below the average ETF investor cost basis. Data from Glassnode shows the average entry point for BlackRock’s ETF is $3,300, while Fidelity’s is near $3,500. With ETH under $2,700, these positions remain in an unrealized loss.

Despite recent corrections, spot Ether ETFs have recorded nine consecutive days of inflows totaling over $435 million since May 16. Analysts suggest this is due to easing concerns around U.S. tariffs following a federal court block on May 28. Technical and institutional signals are now aligning for potential upside movement in the near term.

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