Ethereum Price Retreats to Key Support Area Ahead of Potential Breakout

Ethereum's price has retreated to around $2,400 after rising from approximately $1,900 to $2,550 and hovering near its highs. The current key support area is situated between $2,400-$2,420.

Holding this zone could propel ETH toward the range of $2,480-$2,500, followed by a potential test of $2,535-$2,555. If Ethereum's price breaks above those highs, it may open the door to new levels between $2,600-$2,650, $2,750, and potentially as high as $3,000.

On the other hand, if the support area at $2,400 breaks down, the next level of interest will be $2,350. Nidhi Kolhapur, a Certified Digital Marketing Executive and Passionate crypto Journalist covering alternative currencies, shares updates on Cryptocurrency and Blockchain.