Ethereum is testing a key horizontal resistance zone around $2,750, hinting at a potential rally if the bulls hold strong.
Ethereum has bounced from the trenches in the $1500 support zone and has rallied, attempting to reclaim previous key levels. As of press time, ETH is trading at around $2,554, a 1.23% increase in price per CoinMarketCap data. The $2250-$2750 zone is a strong battleground for Ethereum’s momentum. The market is signaling indecision within this range as the king of altcoins fluctuates.
According to crypto analyst Crypto Tony, Ethereum needs to reclaim $2750 for the bulls to begin the next rally. A look into the weekly technical indicators reveals a slightly bullish market sentiment. The weekly MACD (12,26) and the smoothing moving averages are flashing “buy”.
In the past 24 hours, ETH’s open interest has surged 3.03% despite price fluctuations, suggesting that the market has strong momentum and the coin’s breakout could be due i the next few days. However, a failure to reclaim and confirm a breakout above the $2750 resistance zone could lead to heightened bearish pressure in the mid-term. ETH’s whale activity, buying volume, and open interest around this key level could determine its behaviour in the coming weeks.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
