ETH trades below key resistance as analysts watch for a breakout toward $3,400 or a rejection near key support.
ETH is trading below a key resistance area as traders watch for a clear breakout.
Market views remain split, with one analyst expecting a move toward $3,400, while another warns of a possible bull trap near resistance.
ETH Price Holds Below Breakout Zone
Ethereum has continued to trade below a key resistance zone, while Bitcoin shows stronger upward movement.
The setup has kept ETH traders focused on the next clear price move. Current market comments point to a tight range below resistance.
Crypto analyst Michaël van de Poppe said ETH is moving in line with Bitcoin’s upward path.
He wrote that ETH is “about to follow Bitcoin in the path upwards.” He also said the price needs a clear breakout above €2,070.
According to the analyst, Ethereum has tested the resistance area several times. He said repeated tests may raise the chance of a breakout.
However, price still needs confirmation above the current resistance zone. The main upside levels mentioned were €2,350 and €2,900.
Van de Poppe said a move toward €2,900, or about $3,400, could follow consolidation. He linked that view to continued strength in Bitcoin.
Analysts Watch $3,400 as Next ETH Target
The $3,400 level has become a key upside target in the current Ethereum debate. It matches the higher resistance area cited by van de Poppe.
He argued that ETH may not stall at the first resistance level. He said a stop at the first resistance could show a weak breakout.
This view comes after nearly three months of consolidation below resistance. A stronger move could therefore target the higher zone.
The analyst also connected ETH’s setup with Bitcoin’s market path. He said altcoins may rise faster if Bitcoin continues toward $84,000 to $87,000.
In that case, Ethereum could gain more attention from traders. Still, the market has not confirmed a breakout yet.
ETH must move above resistance and hold that level. Without that, the current range may continue for longer.
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Bearish View Warns of Bull Trap
A separate market view warned that Ethereum may be forming a bull trap. This view said ETH has completed five waves down from its $4,955 all-time high.
It also said an ABC correction may still be active. According to that view, wave C is testing the $2,460 resistance area.
The analyst also pointed to a descending trendline near that level. This creates a zone where sellers may try to reject the price.
The bearish case says ETH could fail near resistance before moving lower. It also said a drop below $1,750 could open a move toward $1,000 to $1,100.
That area was described as a possible reaccumulation zone. This view warns that traders chasing the bounce may face risk.
However, it depends on ETH failing to break and hold above resistance. A strong breakout would weaken that bearish setup.
For now, Ethereum remains between two clear market views. Bulls are watching for a break toward $3,400.
Bears are watching for rejection near resistance and a move back toward support.
Source: https://www.livebitcoinnews.com/eth-price-tightens-below-resistance-3400-could-be-next/
