Ethereum Consolidates Above $2,500 as Bitcoin Reaches New All-Time High
Ethereum's Market Performance Overview
- Ethereum has gained over 55% since early May, driven by a bullish crypto market.
- Current trading range is between $2,400 and $2,600, indicating indecision among investors.
- Key support is at $2,400; resistance is located at $2,800.
- Analyst Daan notes Ethereum lags behind Bitcoin, which recently reached an all-time high above $111K.
- A breakout above $2,850 is needed for a bullish continuation; failure to hold above $2,100 could trigger a pullback.
Recent Price Action
- As of now, ETH trades around $2,668, with signs of potential upward movement.
- The bounce from $2,450 shows increasing bullish momentum, supported by rising volume.
- 200-period SMA and EMA indicate a bullish market structure, with current prices above these averages.
- A decisive break above $2,700 could lead to rapid gains towards $3,000.
Market sentiment is optimistic as investors await Ethereum's next move amid Bitcoin's leadership in the market.