Ethereum Price Hits Resistance at $2,500, Breakout Above $2,530 Crucial for Further Gains
Ethereum's recovery from its drop to $2,400 is facing resistance at around $2,500. Analysts are watching how the price behaves near this level as it could be a breakout or reversal point.
The daily Bollinger Bands place immediate support near $2,399 and resistance at $2,530. The 4-hour Supertrend remains bullish with dynamic support at $2,423. However, the liquidation clusters around $2,490 and $2,530 could influence Ethereum's next short-term move.
Crypto analyst Crypto Patel believes that Ethereum is retesting a multi-year resistance zone for the third time while remaining above an ascending accumulation zone. He predicts that a breakout could open the path towards $5,000, $10,000, and $15,000. However, this depends on Ethereum clearing its multi-year resistance and sustaining the breakout.