ETH Price Hovers Near $2,500 as Analysts Eye Key Resistance Zone
Ethereum's price has been hovering around $2,500 in recent days, drawing attention to a significant resistance area known as the Fair Value Gap (FVG). This range spans from $2,500 to $2,700 and is seen by market observers as a critical barrier for Ethereum's price. If ETH breaks through this zone, momentum could shift further in favor of bullish traders.
Analysts highlight the path to $3,000, contingent on Ethereum's ability to close the week above $2,700. Chartist Alex Marzell noted that should ETH finish the week above $2,700, the route to $3,000 may open. If bullish sentiment dominates at those levels, even higher price points could come into play, such as $3,500.
A decrease of 116,000 ETH in available supply for sale signals that many Ethereum holders are opting to retain their assets rather than sell at current values. This weakening supply side could strengthen price support at higher levels.