Ethereum Reclaims $2,550 Pivot Level Amid Recent Uptrend
Ethereum has shown strong performance, forming an uptrend with higher lows and highs. It has reclaimed the key $2,550 pivot level.
Recent price action indicates a rebound from the $2,470-$2,495 demand zone. However, caution is advised as ETH approaches the $2,800 resistance, where on-chain data suggests increased selling pressure.
Global economic tensions continue to impact crypto markets, yet Ethereum's resilience is notable.
Technical Analysis Highlights
- ETH has established an uptrend over 24 hours, indicating bullish momentum.
- Above-average volume during peak trading hours supported ETH’s breakout past previous resistance.
- A volume spike of 178,236 units coincided with a 24-hour high of $2,597.
- Pullback to $2,554 suggests profit-taking, possibly leading to consolidation.
- Significant volatility recorded with a 0.73% correction from $2,571.25 to $2,552.40.
- ETH dropped to $2,545.12 with volume spikes exceeding 10x the average minute volume.
- A potential support zone has formed near $2,548, aligning with the broader support at $2,550.