Ethereum Weekly Structure Tightens – Tower Top Pattern In Play?

Ethereum has retreated 14% since late May but is holding above the $2,400 support level. Despite crypto market volatility, ETH's resilience sparks recovery hopes, though it remains below yearly highs. Analysts eye a breakout above $2,800, potentially triggering an altcoin rally. However, Ethereum shows signs of indecision, indicated by small-bodied weekly candles. Macroeconomic headwinds, including rising Treasury yields and geopolitical uncertainty, weigh on risk assets. Analyst Big Cheds highlights a potential bearish formation, suggesting a possible trend reversal. A breakthrough above $2,800 could invalidate this bearish scenario, targeting the $3,000-$3,200 range. Failure to gain traction may trigger renewed selling pressure, especially with worsening macro conditions. Ethereum trades within a tightening range; its next move will determine the direction for ETH and altcoins. ETH has reclaimed its 200 SMA but faces resistance from shorter-term moving averages.