$ETH Holding firm above 2615—short-term outlook remains bullish!
Ethereum has risen just 0.2% over the past four hours, closing at 2616. It may look lackluster, but the price has held steadily above the key 2615 level, with support at 2605 remaining intact. This is a classic consolidation pattern ahead of a potential move.
Looking at the 15-minute chart, the highs of the last four candles over the past hour have held around 2620, while the lows haven’t fallen below 2615.5—a clear sign that the price is struggling to move lower. Trading volume has certainly tapered off: volume over the past two hours was 14.17% lower than in the two hours before that. But low-volume consolidation isn’t a bad thing—it means selling pressure is limited and positions are holding steady. A surge in volume could send the price toward resistance at 2625.
On the news front, Cointelegraph reported on October 6 that Ethereum’s Glamsterdam upgrade has gone live on the Sepolia testnet. This is an important rehearsal ahead of its final activation on mainnet, with the goal of improving Ethereum mainnet’s efficiency and scalability. Anticipation around the upgrade remains, lending support to market sentiment.
So my view is straightforward: as long as the price stays above 2605, I’m bullish in the short term, with 2625 as the first target. If it breaks below 2605, I’ll admit I was wrong and exit. At this level, I’m siding with the bulls.
Ethereum has risen just 0.2% over the past four hours, closing at 2616. It may look lackluster, but the price has held steadily above the key 2615 level, with support at 2605 remaining intact. This is a classic consolidation pattern ahead of a potential move.
Looking at the 15-minute chart, the highs of the last four candles over the past hour have held around 2620, while the lows haven’t fallen below 2615.5—a clear sign that the price is struggling to move lower. Trading volume has certainly tapered off: volume over the past two hours was 14.17% lower than in the two hours before that. But low-volume consolidation isn’t a bad thing—it means selling pressure is limited and positions are holding steady. A surge in volume could send the price toward resistance at 2625.
On the news front, Cointelegraph reported on October 6 that Ethereum’s Glamsterdam upgrade has gone live on the Sepolia testnet. This is an important rehearsal ahead of its final activation on mainnet, with the goal of improving Ethereum mainnet’s efficiency and scalability. Anticipation around the upgrade remains, lending support to market sentiment.
So my view is straightforward: as long as the price stays above 2605, I’m bullish in the short term, with 2625 as the first target. If it breaks below 2605, I’ll admit I was wrong and exit. At this level, I’m siding with the bulls.
