Ethereum (ETH), the second-largest crypto and the backbone of the DeFi ecosystem, is currently trading around $2,599, marking a modest 6.09% rise over the past 24 hours. The latest dip caught the attention of traders and analysts alike, especially as Ethereum recently broke out of a prolonged consolidation range. With renewed interest from institutional players, growing ETF inflows, and long-term holders quietly accumulating, the ETH price reached a critical juncture and is about to break above the barrier.
So, is this just a healthy rise before another pullback or the start of a strong ascending trend?
Ethereum has been testing resistance around the $2,460 to $2,520 range, a zone it has struggled to break convincingly. This level acts as a technical ceiling, with price action repeatedly getting rejected. This has made it a strong resistance zone, but it has been defending the support range around $2100. This suggests the ETH price is building a strong bullish case, which may propel the price to new highs.
The long-term price action looks so impressive as the ETH price has finally risen above the barrier at $2540 and reached $2600. After experiencing major volatility in the past couple of weeks, the upcoming weekly close is expected to unlock the levels not visited since February 2025. On the other hand, the weekly RSI has reached the crucial juncture as it tests the descending trend line and a rise above the levels could validate a rise above the bearish influence.
Besides, the weekly candle is finding its resistance at the 200-day MA at $2,642 and support at the 50-day MA at $2,431; hence, achieving the resistance could push the levels into the pivotal zone between $2,692 and $2,808. Once these levels are cleared, then the Ethereum (ETH) price could reach $3000 and a sustained upswing could elevate the levels to new highs.
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