Ethereum Breakout Hinges on $2.8K After Reclaiming 200-Day Average

Ethereum's price has been steadily increasing, reaching $2,800 after reclaiming its 200-day moving average. Analysts are now looking for a clean break above this level to reopen the $3,000-$4,000 range.

Daan Crypto Trades sees $2,800 as the main barrier before a potential return to the broader $3,000-$4,000 trading area. He notes that a weekly close above both the 200-day moving average and exponential moving average confirmed a bullish reversal.

However, Michaël van de Poppe warns that another upside breakout is 'literally a matter of time,' but also acknowledges that high-leverage positions have thinned out, which could increase volatility around the next test of resistance.