Ethereum (ETH) recently surged past the psychologi

Ethereum (ETH) recently surged past the psychological $2,800 level, triggering optimism of a sustained breakout and potential altcoin season. However, the rally was short-lived. After peaking near $2,875, ETH pulled back sharply, returning to retest key support levels. This price action has left traders divided. Can Ethereum hold its structure and resume upward momentum, or is a deeper correction brewing?

As of June 13, ETH is trading near $2,511, down nearly 8.8% in the last 24 hours. While short-term volatility has returned, Ethereum continues to show signs of resilience and technical strength, particularly when viewed through multi-timeframe analysis.

Breakout and Rejection: The 4-Hour Chart View

On the 4-hour chart, ETH had briefly broken above the upper boundary of an ascending channel before swiftly retracing. The rejection suggests that $2,800 - $2,830 remains a stubborn resistance zone.

According to crypto analyst M-log1, Ethereum is now testing the midpoint of its ascending channel. “This area previously acted as resistance and could now flip into support. A clean bounce here may propel ETH back above $2,800,” he stated.

Technical indicators show mixed signals:

• RSI is neutral, hovering around 50 - 55, implying indecision.

• MACD is trending downward, with a potential bearish crossover forming, suggesting waning bullish momentum.

Despite this, ETH has not broken down from the channel and still trades above the critical $2,700 mark. This zone could act as a launchpad if buyers step in with volume.

If Ethereum manages to reclaim the $2,800 - $2,830 range and establish it as a solid support zone, it could lay the groundwork for a push toward the $3,000 mark, potentially signaling the start of a broader altcoin rally.