Ethereum Surges Above $2,500, Testing Key Resistance Levels
Ethereum Price Surge Overview
- Ethereum has surged over 80% in less than a month, reclaiming the $2,500 level after an extended bearish trend.
- This rally marks a significant shift in market sentiment, potentially signaling the start of an altcoin recovery.
- ETH is currently testing resistance in the $2,600 to $2,800 range, with past price action indicating this area as a critical supply zone.
- A successful break above this resistance could lead to further gains toward $3,000.
Technical Insights
- Ethereum's recent rally took it from below $1,800 to above $2,570.
- The price has broken above its 200-day EMA and is approaching the 200-day SMA, which is around $2,701.
- Strong bullish momentum is indicated by the steep angle of ascent, but consolidation above $2,500 is necessary to maintain the uptrend.
- A failure to hold above $2,500 may hinder further upward movement.
The coming days are crucial for Ethereum as it tests upper resistance levels, which will influence the broader altcoin market moving forward.