Summary
- Current price: ~$2,679
- 24-Hour Change: +5.9%
- Trend: Bullish
- Momentum Indicators:
- Trading above 50-day moving average
- RSI in bullish territory, supporting continued upside
- Key Resistance Levels:
- $2,950: Immediate hurdle; a breakout here may trigger accelerated buying
- $3,000: Psychological resistance and likely institutional target
- $4,800: Previous all-time high and long-term bullish objective
- Key Support Levels:
- $2,250: Strong technical base; a breakdown could signal short-term weakness
- $2,000: Psychological support and long-term trendline area
The bullish structure remains intact unless price breaks below $2,250. A sustained move above $2,950 could open the path to $3,000+.
Fundamental Factors Affecting Ethereum
- Pectra Upgrade:
- Ethereum's successful Pectra upgrade improved scalability and reduced gas costs, bolstering investor confidence and reinforcing Ethereum's dominance in smart contract infrastructure.
- Whale Accumulation:
- Large holders have accumulated 670,000 ETH in the last 9 days, suggesting institutional positioning ahead of a potential breakout.
- Broader Crypto Sentiment:
- A rebound in overall market risk appetite, improving macro sentiment, and optimism about decentralized finance (DeFi) recovery continue to support ETH's upward momentum.
Key Takeaway for Traders
Ethereum is riding a wave of technical and fundamental strength, with whale accumulation and infrastructure upgrades adding to bullish sentiment. A breakout above $2,950 could lead to rapid gains toward $3,200–$3,500, with a longer-term view targeting $4,800. On the downside, a drop below $2,250 would weaken the outlook and shift attention to $2,000.
Watch for:
- Price action near $2,950
- On-chain activity and gas fees post-Pectra
- Institutional buying signals and ETF news
ETHUSD – H4 Timeframe
ETHUSD's price action broke above the previous high of the internal structure right after a rejection from the demand zone and the trendline support. The current momentum has also broken through a resistance trendline, creating a new demand zone – a rejection from the new area of demand is the required trigger to confirm the bullish sentiment.
Analyst's Expectations:
Direction: Bullish
Target- 2721.62
Invalidation- 2295.27
CONCLUSION
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