- Optimism (OP) price stabilizes above support with early signs of recovery against Bitcoin.
- Ethereum (ETH) completes the Wyckoff Test phase, breaking above the Creek resistance zone.
- Critical price levels remain at $0.5885 for OP and $2,700 for ETH in the near term.
Optimism (OP) has recently shown signs of recovery suggesting a potential shift in market direction. On the three-day chart, OP/Bitcoin has started to curl upward from its prolonged downtrend. This formation follows months of declining price action, now appearing to stabilize at a key level.
Trading volume remains relatively steady, but the first signs of renewed buying interest have appeared. Technical indicators also point to improving conditions, with the price holding above immediate support at $0.538. However, the next resistance sits close at $0.5885, where sellers may re-emerge.
OP Stabilizes After Prolonged Decline
The OP trading pair has been in a downward trend since mid-2024, consistently printing lower highs and lows. However, recent price action has started to diverge from this pattern. The latest candles on the three-day chart show reduced selling pressure and the beginning of a price curl. Market participants will now observe whether this change holds above the lower support boundary.
Volume profiles indicate reduced liquidation compared to earlier months, hinting at seller exhaustion. Should this hold, OP could retest the broader resistance zone near 0.00002978 BTC over time. However, the near-term vigilance persists because the lay of the entire market would still continue to affect the momentum of the pair.
Ethereum Moves Past Critical Test Phase
On a separate front, Ethereum (ETH) is following a notable technical pattern. According to analyst MikybullCrypto, Ethereum recently completed the ‘Test’ phase of the Wyckoff re-accumulation schematic and has begun moving higher. The daily chart indicates that ETH jumped across the short-term downtrend known as the “Creek.”
ETH is currently at $2,597.19 up 2.52% today. The levels of $2,450 and $2,700 are still pivotal, with follow-through anticipated if the buyers can continue to hold control. Such events are a sign of re-emerging Ethereum strength in this part of the market.
The price is currently targeting the next resistance levels at $2,900 with interim levels at $2,700. Volumes increased tremendously as ETH crossed the level of $2,450, showing more interest from traders. But the coming sessions will determine if Ethereum will hold this break or return to lower supports.
Current Market Levels and Upcoming Challenges
As of the latest data, Optimism trades at $0.5779, reflecting a daily gain of 7.0%. Against Bitcoin, OP is up 2.7% in the last session. The nearest support is at $0.538, with resistance at $0.5885.
Ethereum’s 24-hour range fluctuates between $2,440 and $2,490, indicating increasing market volatility. Generally, technical setups for both OP and ETH are indicating significant levels that traders are watching closely for the upcoming movements.
