Ethereum Price Rally Falters Without Breaking Critical Resistance Levels

Benjamin Cowen, a leading analyst in the cryptocurrency market, has provided insights into Ethereum's recent price rally and potential future trends. According to Cowen, the current fair value zone for Ethereum lies between $2,300 and $2,400, but the asset needs to break above critical technical resistance levels to sustain its upward momentum.

Cowen pointed out that a similar instance of touching the lower boundary of the regression band occurred in past cycles. He noted that if Ethereum can decisively break above its 200-day moving average, it may indicate a strong rebound.

The analyst also highlighted the importance of the ETH/BTC pair breaking above its 20-month moving average and sustaining its gains against Bitcoin for the next 1-2 months to confirm the rally. Additionally, Cowen mentioned that macroeconomic risks, such as a potential correction in the S&P 500 index, could directly impact the price of Ethereum.