Ethereum Price Recovers Above $2,400, Eyes $4,000 Target
Ethereum is recovering alongside the broader crypto market, recently rising above $2,400 after a low of $2,177. Currently trading around $2,412, it has seen a 2.9% decline over the past week.
Key Resistance Levels and Price Projections
A CryptoQuant analyst indicates that Ethereum may break above the 50-day Exponential Moving Average (EMA), potentially leading to a price increase toward $2,800 and possibly $4,000 if resistance levels are surpassed. To confirm this breakout, Ethereum must maintain consistent closes above the $2,500–$2,600 range.
- Historical data shows sharp moves following previous breakouts from similar consolidation zones.
- Recent movement between $2,100 and $2,800 suggests a potential for another significant rise if the $2,800 resistance holds.
- The 50-week EMA presents a longer-term resistance barrier that could indicate an upward trend upon breach.
- Macroeconomic factors, especially involving the US, Israel, and Iran, may affect market stability.
Technical Analysis and Bullish Outlook
Analyst Javon Marks notes Ethereum's break above a descending trend line, which traditionally signals upward momentum. He estimates a potential target of $4,811.71, with further gains possibly extending to $8,557.68.
- These projections reflect growing optimism among traders based on technical indicators.
- Market sentiment favors continued upward trends if critical resistance levels are overcome without major disruptions.