Ethereum Holds Above $2,500 Despite 10% Pullback from Local Highs
Ethereum Price Overview
- Ethereum is trading above $2,500, displaying resilience amid market pullbacks.
- Currently down 10% from local highs but up nearly 50% this month.
- A breakout above $2,700 could enhance bullish sentiment and trigger altcoin momentum.
Market Context
- Bitcoin remains below all-time highs, with capital rotation expected into altcoins.
- Ethereum's strength stands out amidst macroeconomic uncertainties like rising US Treasury yields.
- On-chain signals indicate sustained demand, with ETF inflows increasing and firms raising over $1 billion for ETH acquisitions.
Technical Analysis
- ETH is currently at $2,509, having reached a high of $2,789 earlier in the week.
- The price remains above the 200-week SMA ($2,452) and the 34-week EMA ($2,498).
- A close above $2,725 could confirm a bullish trend and target the $3,000–$3,200 zone.
Overall, Ethereum shows potential for continued upward movement, supported by strong fundamentals and investor confidence.