Will ETH Break Out Above $2,660 or Face Another Pullback?

The Ethereum price today is holding firm near $2,640, continuing its battle against a significant supply wall between $2,660 and $2,745. This level has acted as a historical rejection zone, and despite multiple breakout attempts, buyers are still struggling to close convincingly above it. On June 4, ETH managed a mild intraday gain of around 1.5%, signaling continued interest, but momentum indicators suggest a cautious tone ahead of June 5.

From a broader perspective, the weekly candle remains constructive, with Ethereum price action holding well above the 38.2% Fibonacci retracement level of $2,424. However, ETH has yet to reclaim the 50% retracement near $2,745, which would confirm a full mid-term recovery. Until then, the market remains technically biased toward consolidation beneath this zone.

What’s Happening With Ethereum’s Price?

ETHUSD price dynamics (Source: TradingView)

Looking at the daily and 4-hour charts, Ethereum price volatility has compressed inside a symmetrical triangle, with price oscillating between $2,590 and $2,660. This narrowing range is flanked by rising support from early May and a descending resistance from the mid-May highs. ETH is currently hovering at the apex of this structure, signaling a likely breakout attempt in the next 24 hours.

The Ethereum price update also highlights how well the bulls have defended the short-term support near $2,589, which coincides with the 20 and 50 EMAs on the 4-hour chart. This base has consistently absorbed selling pressure, reinforcing its importance heading into June 5.

ETHUSD price dynamics (Source: TradingView)

Meanwhile, Bollinger Bands on the 4H timeframe are tightening, a setup that typically precedes a directional expansion. Given ETH’s recent price spikes from similar structures, traders should watch for a clean breakout above $2,660 or breakdown below $2,590 as confirmation of short-term trend direction.

Why Ethereum Price Going Up Today?

ETHUSD price dynamics (Source: TradingView)

The answer to why Ethereum price going up today lies in the improving intraday momentum. On the 30-minute chart, the RSI has crossed above 60, and the MACD line is showing a fresh bullish crossover, indicating growing upward bias. At the same time, Stoch RSI readings have turned up again, supporting a near-term move higher.

ETHUSD price dynamics (Source: TradingView)

Ichimoku signals on the 30-minute chart show ETH now trading firmly above the cloud, with flat Tenkan and Kijun lines, suggesting equilibrium before a possible breakout. This aligns with price consolidation near the triangle resistance. If ETH manages to clear this resistance zone with volume, it could spark the next leg toward $2,745.

However, failure to break above this ceiling could trigger renewed selling pressure, especially with the $2,660–$2,745 region still being actively defended by bears.

Short-Term Ethereum Price Outlook Ahead of June 5

ETHUSD price dynamics (Source: TradingView)

Heading into June 5, the short-term trend remains neutral-bullish. The presence of a symmetrical triangle, supported by strong horizontal demand near $2,590, keeps the structure constructive for bulls. But the lack of follow-through on previous upside attempts means traders should remain cautious.

If Ethereum price today breaks above $2,660 with confirmed volume, the next target lies at the $2,745 Fibonacci midpoint. Beyond that, a move toward $2,850–$2,880 cannot be ruled out, especially if macro conditions or broader crypto momentum turn favorable.

On the flip side, a rejection near $2,660 could lead to a drop back toward $2,480 and even $2,408, where the 200 EMA on the 4-hour chart provides dynamic support. A breakdown below this range would likely invalidate the bullish pattern and open the door for a deeper retracement.

ETH Technical Forecast Table: June 5