Ethereum Price Surges 7.5% to Break Above $2,550 Resistance
Ethereum (ETH) has increased by 7.5% recently, breaking a key resistance level for the first time in weeks. Analysts anticipate a potential retest of recent highs.
Key Developments
- ETH rose from a local low to $2,550, reclaiming crucial resistance after hitting $2,585, a two-week high.
- The cryptocurrency traded between $2,400 and $2,800 since May but fell below this range two weeks ago.
- Market recovery saw Bitcoin rise to $109,600, creating bullish sentiment among investors.
- Daan Crypto Trades noted ETH's performance as a positive move, stressing the need to hold above $2,520 to avoid further declines.
- Key support levels are at $2,310 and resistance at $2,735.
- Merlijn The Trader observed a clean breakout and highlighted an ascending triangle pattern, targeting resistance around $2,700.
“Ethereum is charging up. A clean break of $2,700… and ETH will fly.”
Potential for ATH Repetition
- Merlijn indicated that ETH’s price movements over the past two years could signal an upcoming breakout.
- Historical analysis shows ETH forming a base followed by a liftoff phase leading to new highs.
- The last significant surge from $100 to $4,878 occurred between 2020 and 2022.
- Analyst Kaleo compared current market conditions to previous cycles, suggesting that ETH may follow a similar trajectory following significant retracements.
- ETH is currently trading at $2,568, reflecting a 6.1% increase over the week.
