Ethereum Price Rebounds Over 10% But Faces Uncertain Future
Ethereum experienced a price recovery of over 10% after dropping from $2,500 to $2,150 during the weekend. The current trading level is around $2,400, which has previously acted as major support.
Market Context
- Geopolitical and macroeconomic factors remain unstable.
- Price movement shows inconsistencies, leading to cautious sentiment among investors.
Technical Analysis
- Ethereum is currently at its Exponential Moving Average (EMA) of $2,400.
- A breakout above this level could push prices towards the $2,800 resistance.
- If the price falls below $2,100, the bullish outlook would be invalidated.
Future Projections
- Analysts note Ethereum has completed its accumulation phase and is now in the deviation phase.
- A potential expansion phase may lead the price back into the supply area of $2,800-$3,000.
