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. ETHUSD price dynamics (Source: TradingView) 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 Indicator/Zone Level (USD) Signal Resistance 1 2,660 Overhead resistance zone Resistance 2 2,745 Fib 0.5 & supply zone Support 1 2,590 Near-term support Support 2 2,480 Breakdown trigger 200 EMA (4H) 2,408 Strong dynamic support RSI (30-min) 60.16 Mildly bullish MACD (30-min) Bullish crossover Momentum rising Bollinger Band Width Tight Range Volatility expansion likely Ichimoku Cloud Above Cloud Bullish trend confirmation Stoch RSI (30-min) 61.03 Mildly overbought Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.