Ethereum Retests Key Resistance Level with Potential 15% Move Ahead
Ethereum (ETH) is retesting a significant resistance level, currently recovering 3% daily. It has struggled to maintain bullish momentum since last month's market recovery.
Key Price Levels for Ethereum
- Trading range: $2,475 - $2,680 since early May.
- Recent high: $2,788; recent low: $2,500 after an 11% retracement.
- Current price: $2,632, showing a 44.2% increase over the month.
Analysts predict a potential 15% move if ETH breaks above $2,680-$2,700. If rejected, it may drop to the $2,300 support zone.
Market Sentiment and Predictions
- Carl Runefelt indicates Ethereum is maintaining a key formation on daily charts.
- Crypto Bullet suggests a 15%-20% breakout is likely due to a similar pattern across ETH charts.
- Crypto Jelle anticipates further price increases if ETH reclaims the $2,680-$2,850 zone.
- Ted Pillows notes similarities between ETH's current cycle and Bitcoin's 2020 trajectory, suggesting a new all-time high could be possible.
- Merlijn The Trader emphasizes imminent breakout potential based on Wyckoff analysis.
