ETH Price Analysis: Ethereum May Reach New High as Buyers Return
Ethereum has seen a strong rally in the past 24 hours, with an impressive 8% increase in price. The current target for this upward movement is $2,700, which is also the highest price level since January. In case sellers emerge, Ethereum has solid support at $2,500.
Targets for the Current Rally
If the bulls manage to break above the $2,700 resistance level, Ethereum could continue its upward trajectory and potentially reach a new high for the year at $3,000. The momentum indicators are also indicating a favorable continuation of this price surge.
Daily RSI Enters Overbought Territory
The ongoing rally has pushed the daily Relative Strength Index (RSI) above 70 points. While this indicates that buyers are dominating the market, it also suggests that a pullback may be on the horizon. Pay attention to the key resistance levels as they have the potential to attract sellers.
Ethereum is currently displaying significant strength, and if it surpasses the $2,700 mark, it could motivate buyers to push even further towards $3,000 before any major correction occurs.
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