Ethereum Price Soars Above $2.4K as Momentum Surges and Short Liquidations Rise
Ethereum's price has broken out of its multi-week consolidation and is currently trading around $2.4K after reclaiming a descending trendline that had capped its broader recovery.
The move is supported by strong acceleration in momentum and rising short liquidations, but the sharp increase in RSI readings suggests the rally could become vulnerable to a near-term pullback.
On the daily chart, Ethereum decisively broke above the descending trendline that had been in place for months. The breakout is significant because the price had spent several months consolidating below that resistance while forming higher lows from the June bottom near $1.5K.
A sustained daily close above the $2.4K supply zone would strengthen the bullish structure and could open the way toward $3K and potentially higher.