Ethereum Trading at $2,600 with 3.5% Daily Gain
The crypto market is rebounding, with Ethereum (ETH) showing significant momentum. Currently trading around $2,600, ETH has gained 3.5% in the last 24 hours and 4.3% over the past week, outperforming other major cryptocurrencies.
Current Market Analysis
- Ethereum is experiencing signs of compression, indicating potential volatility.
- Key price levels: Resistance at $2,851; support at $2,168.
- A break above $2,851 could lead to a rally towards $4,000.
- If the price falls below current levels, it may return to $2,168.
Daan Crypto noted that the price action is consolidating under $2,800, advising caution until the trend resolves.
Analysts suggest that if Ethereum rallies, it may trigger a broader altcoin market surge. The dominance chart for Ethereum shows tight compression, hinting at an imminent move.
Jameson Lopp indicated that the upcoming alt season may be influenced by new equities on traditional exchanges rather than new tokens on crypto exchanges.