Ethereum (ETH) is holding relatively firm after the recent rally. Over the last 24 hours, price action has remained close to $2,686, with the market showing limited short-term movement as traders assess whether ETH can continue its broader recovery.

From a technical perspective, the short-term structure remains bullish, although momentum has cooled. The first important support zone is around $2,620-$2,630, followed by stronger support near $2,585-$2,600. On the upside, $2,718 is the first major resistance, followed by the $2,760-$2,770 area.

The RSI is around 63, indicating positive momentum without yet reaching extreme overbought territory. ETH is also trading above its major moving averages, with the 50-day average well below the current price, reinforcing the broader bullish structure.

🟢 Bullish scenario: A clean break above $2,718, preferably with increasing volume, could open the way toward $2,760 and potentially the psychological $2,800 level.

🔴 Bearish scenario: Losing the $2,620-$2,630 support zone would weaken the short-term structure and could lead to a deeper correction toward $2,585 or lower.

⚪ Neutral scenario: ETH continues consolidating between support and resistance while momentum resets before the next significant move.

My take: ETH remains technically constructive, but after the strong rally seen earlier in September, consolidation would be completely normal. Reuters recently identified the breakout above $2,661.52 as an important bullish development, with a technical target around $3,050, although a move below $2,560-$2,565 would make the bullish setup considerably weaker.

For now, I would watch $2,718 very closely. A breakout with volume could bring the bulls back into the driver's seat. 📈

⚠️ This is not financial advice.