Ethereum price has stabilized above $2,370 after a steady climb, with the cryptocurrency now consolidating near the $2,400 mark. A break above a contracting triangle pattern on the hourly chart signaled the renewed upward momentum, according to technical analysis from NewsBTC.
The token managed to hold above the $2,320 support zone before pushing through the $2,350 and $2,365 levels. This movement mirrors Bitcoin's recent strength, though Ethereum's advance has been more measured. The price briefly touched $2,404 before pulling back to consolidate gains.
Key support remains at $2,330, and as long as bulls defend that level, the path toward $2,400 appears open. The 100-hourly Simple Moving Average also provides underlying support near $2,370. A sustained move above $2,400 could open the door to challenge $2,420 and beyond.
If Ethereum fails to clear $2,400, a pullback toward $2,320 or the 23.6% Fibonacci retracement level near $2,376 may occur. Trading volume and broader market sentiment will likely determine the next leg. The current consolidation phase suggests traders are awaiting a catalyst.
The analysis relies solely on price action and chart patterns, leaving out fundamental drivers like network activity or ETF flows. A break in either direction could be sharp given the compressed trading range.