The market participants have become more vigilant over the ETH price rally as the second-largest token is expected to demonstrate a huge price action in a short while. The token has reached a crucial juncture beyond which a huge breakout may attract fresh volume. Hence, now that Ethereum seems to have eased the upward pressure, a strong rise could not only elevate the levels within the range but also help to break above the range.
The ETH price rally is constantly facing huge hindrances in surpassing the crucial resistance. This could be the aftermath of a massive influx of volume experienced during the latest pullback, which has resulted in extreme exhaustion of the bulls. On the other hand, the ETH ETFs recorded 6 consecutive days of net flow, which supports the bullish narrative hinting towards a calm before the storm.
The ETH price has broken down from the falling wedge, which flashed the most bearish signals while the traders expected a pullback below $2000. However, the bulls managed to shake the mounted bearish pressure over the token. Besides, the RSI has triggered a rebound after reaching the lower threshold, while the CMF, which has raised above 0, displays a sign of strength within the market, ensuring enough volume for the market to trend.
After dropping below the support that it held since September 2024, the ETH price is trying to reclaim the lost levels. Meanwhile, the drop in the volume suggests a massive price action could be on the horizon as it is experiencing a notable squeeze. Besides, the price has plunged below the lower bands of Bollinger, which suggests a strong rebound back above $2,850 initially aiming to surpass $3000. However, sustaining above the range could depend on the strength of the bulls.
