ETH Reclaims Key Level at $2,500 After 108-Day Wait
Ethereum's price has reclaimed a key level at $2,500 after a 30% weekly rally. This milestone is significant because it marks the first time demand for Ethereum has been strong enough to push through this zone in months.
The zone of $1,900-$2,050 had been building up demand for weeks before supply ran out and buyers moved quickly through the $2,568 level as volume exploded. However, the rapid advance stalled just shy of $2,458, indicating that bulls were yet to establish a solid floor at $2,500.
The pause in Ethereum's price is notable because it suggests that the bull run has not yet triggered an exodus. Furthermore, the RSI (Relative Strength Index) also fell back from over 90 to 70.81 as of writing, with no corresponding price drop.
If bulls can push through $2,500 again, it may create additional potential for an upward continuation to the previous breakout area at $2,568. On the other hand, if $2,426 is breached downward, it could indicate a growing amount of bearish pressure.