The Ethereum Waiting Game: Breakout To $2,800 Or Crash To $2,000?

Ethereum's price has recovered over 10% after a major crash, but it remains unstable due to geopolitical and macroeconomic factors. The cryptocurrency is currently trading at its Exponential Moving Average (EMA) of $2,400, a level of interest that has served as major support in the past. The recent drop to $2,150 has dented investor sentiment, but the retest of the EMA suggests buyers are still active. The Ethereum price is currently in a waiting game, and its next move could go either way, with a breakout potentially sending it above $2,800 and a crash confirming rejection and sending it back to $2,000. Crypto analysts are mapping out the altcoin's next steps, with one analyst pointing to a bullish Power of 3 (PO3) pattern consisting of accumulation, deviation, and expansion. The accumulation phase has been completed, and the price is now breaking out of the deviation box, suggesting the expansion phase will come sooner than expected. If the expansion phase occurs, the Ethereum price is expected to move back into the supply area of $2,800-$3,000. However, if the price fails to climb and falls below $2,100, the bullish thesis would be invalidated. The Ethereum price is showing signs of continuation, but confirmation is needed to determine its next direction. Overall, the cryptocurrency remains on shaky ground, and its next move will be crucial in determining its future trajectory.