Ethereum Approaches Key Breakout as ETH/BTC Setup Gains Attention
Ethereum is undergoing a critical phase as it approaches key support levels. Current trading remains between $2,400 and $2,800, with bulls defending the $2,400 mark against bearish attempts. A breakout in either direction could significantly impact the broader altcoin market.
- Top analyst M-log1 emphasizes the importance of the ETH/BTC pair for upcoming trends.
- The consolidation phase indicates suppressed volatility amid geopolitical tensions and macroeconomic uncertainty.
- M-log1 forecasts an 80% chance of an upside breakout due to strong defense of lower support levels.
Current Market Position
Ethereum is trading at $2,550, above major weekly moving averages (50, 100, and 200), indicating structural strength. The price faces resistance below $2,700 despite recovering from April lows near $1,500.
- Weekly candles maintain support from the 100-week and 200-week moving averages.
- A confirmed close above $2,700 could lead to movement towards $3,000.
- Losing the $2,400 support could trigger a correction towards the 50-week SMA near $2,289.
