Ethereum Price Faces Make-or-Break Moment Near $2,700 Resistance Level

Ethereum's price continues to struggle near the $2,700 resistance level, despite rebounding from its daily lows at $2,635. The cryptocurrency has been denied access to this region multiple times, with analysts pointing out that it needs to hold above its rising support trend line and close above $2,705 for a breakout.

According to Crypto analyst Ella, there are two key levels at play: the Ethereum price needs to stay above its rising support trend line and close above $2,705. This will provide an opportunity for the focus to be on the $2,720-$2,725 area.

The 20-day SMA of ETH is $2,559.02, while the 50-day SMA is $2,357.03. The Relative Strength Index stands at 64.47, and the signal line stands at 62.05. A further rise of the RSI index above the resistance zones would be positive.

The Ethereum price eyes a breakout on Fibonacci setup, with analyst BATMAN mentioning the Fibonacci extension level 1.618 as one of the levels that are still important for the Ethereum formation. If Ethereum converts the $2,700 level from resistance to support, then the next level to be monitored would be the $2,720-$2,725 range.