Ethereum Consolidates Near Key Resistance as ETH/BTC Pair Signals Potential Multi-Year Reversal

The price of Ethereum (ETH) is compressing just below a critical resistance band between $3,300 and $3,350, even as the broader crypto market remains unsettled by Bitcoin's choppy price action around $43,000–$44,000. Despite the volatility, ETH has defended support near $3,050, forming a tight consolidation range that often precedes larger directional moves.

Traders are closely watching the ETH/BTC pair, which is testing a long-term curved support level that has historically triggered strong Ethereum-led rotations during earlier market expansion phases. According to analysis shared by Egrag Crypto, the pair is pressing beneath an eight-year descending resistance line, with price compression and upward structure showing growing momentum toward a potential breakout.

Two primary scenarios are in focus for ETH's price action. A bullish breakout above the $3,350 resistance zone, backed by rising volume, would confirm a move from consolidation and open the door to targets near $3,500 and potentially $4,100. Key catalysts for this scenario include the ETH/BTC pair breaking above near-term resistance, signaling capital rotation from Bitcoin into large-cap altcoins, and renewed inflows into ETH-related derivatives.

Conversely, a bearish or sluggish scenario would see ETH fail to reclaim $3,350, indicating persistent sell pressure and risking a slip back toward the $3,100–$3,050 support zone. This could be triggered by the ETH/BTC pair failing to clear resistance or a Bitcoin rejection near $44,000 dragging overall risk sentiment lower.

From a technical standpoint, Ethereum's weekly structure remains constructive, with price coiling within an ascending triangle supported by higher lows. The Ichimoku Cloud is beginning to flatten and thin, a setup that often precedes directional expansion. On-chain metrics like the On-Balance Volume (OBV) have printed a bullish divergence, signaling steady accumulation.

For the ETH/BTC pair, Fibonacci targets outline a potential breakout path. The initial target is the 0.5 Fibonacci area at 0.039 BTC, with a close above 0.03990 BTC on the two-week chart seen as a strong confirmation signal for a market-wide rotation. Subsequent macro projection zones are identified at 0.047–0.054 BTC, 0.073 BTC, and 0.08777 BTC, respectively.