Ethereum Reclaims $2,600 Support, Targets $3,800 Resistance Level
Ethereum (ETH) has regained the $2,600 support level for the first time since February and is attempting to break above $2,700. Analysts indicate that ETH may target its Macro Range high after a recent rally.
Key Developments
- ETH is maintaining support at $2,600 while trying to surpass $2,700.
- Following a dip below $2,000 earlier this month, ETH has fluctuated between $2,400 and $2,600.
- Recent surge has pushed ETH to $2,788, breaking out of a two-week bullish flag.
- Analyst Titan of Crypto predicts a potential target of $3,800 if the breakout holds.
- Resistance near $2,850 identified as a barrier before reaching $3,000.
- ETH has consistently closed above $2,468 for four weeks, supporting further upward movement.
- Comparison drawn to early 2024 with potential for a similar breakout following a resistance retest.
- ETH has increased 45% since April 1, outperforming Bitcoin (BTC) this quarter.
Market Momentum
- ETH shows strength against BTC as BTC dominance declines.
- Weekly MACD suggests bullish momentum for ETH, with forecasts pointing towards a $4,000 target.
- Current trading price of ETH is $2,642, reflecting a 44.7% monthly increase.
