Ethereum Buyers Defend Dip as Next Resistance Test Looms
Ethereum has seen a strong rebound after dipping below $2,400 last week due to concerns over the Clarity Act and Federal Reserve rate hike. The cryptocurrency regained above $2,700 on Tuesday, indicating that investors were willing to buy the dip near its realized price of around $2,310.
The data behind the rally is less uniform, with spot Ether ETF inflows improving but exchange deposits increasing and perpetual futures activity turning less bullish. This presents a mix of signals, making the next resistance test crucial in determining whether Ethereum can extend its advance.
A key level to watch on the upside is $2,786, which has capped the latest advance. A sustained move above it could bring $2,894 into focus, followed by the next cited resistance level at $3,177.