Is ETH Price Ready to Surpass $2500?
The recent breakout of the ETH price from the overhead trendline indicates a release of built-up momentum. However, buyers may face potential supply pressure at $2400 and $2665. The intraday trading volume in Ether has seen a 30% gain, reaching $12.8 billion.
After a period of steady growth, the Ethereum price has shifted sideways amidst market uncertainty. This consolidation phase allows for price sustainability at higher levels and provides buyers with an opportunity to recover.
Today, the Ethereum price broke out from two converging trendlines, indicating an uptrend continuation.
If the candle closes above this breached level, it would provide an early signal of continued upward movement. Sustained buying could push the ETH price past the resistance at $2400 and towards a target of $2665 according to the Fibonacci extension tool.
Key Level to Watch
While the current outlook for Ethereum remains bullish, buyers may encounter supply pressure at $2400. However, there is an ascending trendline that has been providing support for the ETH price over the past two months. Breakouts below this trendline could trigger significant corrections in the ETH price.
- Bollinger Band: The upper boundary of the Bollinger Band acts as resistance at $2400.
- Vortex Indicator: A bullish crossover between the VI+ and VI- signals a recovery trend.
Hot Take: ETH Price Shows Promising Signs for Further Upside
Despite market uncertainty, Ethereum’s recent breakout above resistance and sustained buying indicate a potential upward continuation. The ETH price may face resistance at $2400, but with the support of an ascending trendline and bullish indicators like the Bollinger Band and Vortex Indicator, there are positive prospects for surpassing $2500. Traders and investors should closely monitor key levels and indicators to capitalize on potential entry opportunities in this ongoing uptrend.
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