Ethereum Price Approaches $2,500 Amid Bullish Breakout Signals
Ethereum has experienced significant selling pressure, dropping below $2,000 to a low of $1,750 on March 11, the lowest since November 2023. Currently, it is retesting a key resistance level after rebounding to approximately $1,900. This resistance trendline has previously hindered upward movements during the recent downtrend, presenting a potential breakout scenario.
Key Developments
- Ethereum has been trading below $2,000 since March 10.
- The current price is around $1,895, following a recovery from $1,750.
- A breakout above the resistance trendline could lead to a rally above $2,000.
- An analyst on TradingView suggests that a confirmed breakout above $1,885 may signal an entry point, targeting $2,596.
- Stop loss recommended at $1,700 to manage risk amidst bearish momentum.
- Recent trading saw an intra-day high of $1,950.
- Analysts are watching for increased volume to confirm a bullish breakout.
There remains optimism among some analysts that Ethereum may regain bullish momentum despite the prevailing bearish sentiment in the market.
