Ethereum Surges 15% to Reclaim Key Support Near $2,414
Ethereum's Recent Performance
- Ethereum (ETH) has surged 15% from a low of $2,100, recovering after weeks of bearish momentum.
- The rebound follows a ceasefire agreement between Israel and Iran, easing geopolitical tensions.
- ETH is in a critical technical zone, with bulls attempting to regain control after months of sideways trading.
- Analyst Mister Crypto indicates potential for a breakout above key resistance at $2,800.
Market Context
- Current price is around $2,414, showing a V-shaped recovery on the 8-hour chart.
- Volume increased during the recent bounce, indicating strong buying interest.
- ETH faces resistance between $2,450 and $2,500 due to converging moving averages.
- A breakout could lead to testing $2,700–$2,800 levels, while failure to surpass $2,500 may result in a pullback towards $2,300.
Price action remains neutral with slight bullish sentiment. Upcoming sessions are critical for determining ETH's trajectory amidst ongoing market uncertainty.