A crypto analyst stated that Ethereum continues to show resilience on the daily timeframe as of July 7. After a period of consolidation, ETH is holding above the key support level and maintaining its higher-low structure, and if ETH defends its current range, the path toward higher targets will remain intact.

Ethereum Holds Above Key Support Zone

In an X post, Believer pointed out that ETH has reclaimed key Fibonacci support at $2,572 and is now grinding higher toward the resistance level. The immediate focus is on flipping $2,605 into support, which would confirm short-term bullish control and open the door toward $2,665, which is the next key resistance level.

Technically, the indicators are starting to favor the bulls, and the Relative Strength Index (RSI) sits at 55.73, while the Moving Average Convergence Divergence (MACD) has crossed into positive territory, signaling growing upward momentum. Also, the support is at $2,503, while the resistance is at $2,605, $2,665, and $2,759.

Believer notes that bulls want to break the stubborn range above $2,665. He also stated that Patience may soon pay, as signs of accumulation, rising indicators, and price pressing against resistance.

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Author: Sandra White