ETH has been squeezed between the 20-day EMA ($2,700) and horizontal support at $2,500 recently. The inability to push the price below $2,500 raises the chances of a breakout above the 20-day EMA.

🚀 Potential Upside
If ETH breaks above the 20-day EMA, it could rally to $2,850, an important resistance level.

🔄 Bearish Signal
If ETH drops from $2,850 and falls below the 20-day EMA, it may indicate a range formation. Buyers would then need to push ETH above the 50-day SMA ($2,984) for a sustained recovery.