Ethereum rose along with the broader cryptocurrency market this week, but is now rebounding Facing the technical test Which may decide whether this move has real power or not Just a reflection of Bitcoin momentum.
The latest technical forecast indicates a deficit in the daily candlestick chart for ETH, as the price continues to hold below the upper border of its ascending channel despite repeated attempts to extend the rally.
Ethereum’s rise shows a shortage
Technical analysis for The Ethereum daily candlestick time frame chart shows that Ethereum has been trading within an ascending channel since February 2026. This is a structure that, in theory, should allow the bulls to gradually push the price towards its upper limit.
The structure has produced a series of higher lows, which is usually a good sign. However, the problem is that ETH has not matched that strength on the upside of the pattern, at least in May.
According to a cryptocurrency analyst who goes by the name Ardi on the social media platform This leaves the price about 6% below the top of the channel, creating a deficit.
Daily structure It’s also not exactly bullish. While ETH has regained its short- and medium-term moving averages, the 200-day moving average is still above the current price, meaning the recovery is still incomplete.
Anxiety becomes more serious because You have already achieved Bitcoin What Ethereum didn’t do. Bitcoin price reached the upper side of its channel structure making a higher high of around $81,000, meaning Bitcoin was leading the market rally more cleanly.
Ethereum level should be restored
Based on this analysis, the bearish view does not become invalid simply because Ethereum is trading above its recent lows. According to cryptocurrency analyst Ardi, the real test now is whether ETH price can move through $2,420 and turn that area into support.
Price action on the daily chart is demanding To confirm the move. A break above the $2,420 level would be a confirmation move, as it means buyers are absorbing supply at the top of the current range. Furthermore, a break above $2,420 would also cause Ethereum to reach the upper limit of its channel, which is currently located near $2,520.
On the other hand, a continued rise in Bitcoin will only lead to a weak response from ETH. The relationship between Bitcoin and Ethereum has been inconsistent, with Ethereum underperforming Bitcoin so far this year. At the time of writing, ETH is trading at $2,284, down 1.9% over the past 24 hours.
Featured image from Getty Images, chart from Tradingview.com
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