Ethereum (ETH) has been making significant moves in the crypto market, with the price currently hovering around $2,599 after a 6.09% increase in the last 24 hours. Traders and analysts are closely monitoring the price action, especially as Ethereum recently broke out of a consolidation range and is approaching a critical resistance level.
The $2,460 to $2,520 range has been a tough barrier for Ethereum to break through, acting as a technical ceiling that has repeatedly led to price rejections. However, the cryptocurrency has been able to defend the support level around $2,100, indicating a strong bullish momentum building up. This could potentially lead to a breakout and push the price to new highs.
The long-term outlook for Ethereum looks promising, as the price has finally surpassed the $2,540 barrier and is eyeing the $2,600 mark. After experiencing heightened volatility in recent weeks, the upcoming weekly close could pave the way for levels not seen since February 2025. Additionally, the weekly RSI is approaching a key level, and a breakout above the descending trend line could signal a shift in bearish sentiment.
Looking at the technical indicators, the weekly candle is facing resistance at the 200-day MA of $2,642 and support at the 50-day MA of $2,431. Breaking through the resistance level could propel Ethereum into the pivotal zone between $2,692 and $2,808, setting the stage for a potential rally towards $3,000. A sustained upward movement could even push the price to new all-time highs.
Overall, the current price action of Ethereum suggests that a strong ascending trend may be on the horizon. With growing interest from institutional investors, increasing ETF inflows, and long-term holders accumulating assets, the stage is set for Ethereum to break above key resistance levels and embark on a bullish trajectory. Keep an eye on the price movement in the coming days as Ethereum continues to navigate through crucial levels.