Ethereum displays moderate growth, currently trading around $2,600 while overcoming key support levels. This article presents an analysis of the current situation.
Technical Analysis of Ethereum
Ethereum is trading around the $2,600 mark after rising from the $2,220 support level. The price has reclaimed the 200-day moving average, positioned around $2,400, indicating medium-term strength. Meanwhile, ETH faced some difficulties above $2,800, reversing the upswing and forming a short-term lower high. It is crucial for ETH to hold above both the 100 and 200 moving averages; otherwise, the structure may turn bearish.
4-Hour ETH Chart
On the 4-hour chart, ETH is forming a rising wedge below the bearish order block around $2,700. The current price is fluctuating against the wedge’s upper boundary, and the RSI shows bullish momentum; however, a breakdown is a risk if bulls can't break through the resistance. The key level to watch is the $2,500–$2,550 region.
On-Chain Analysis of Ethereum
On-chain data supports a bullish scenario: exchange reserves have fallen to 18.93M, one of the lowest figures in recent years. This contributes to accumulation and reduces sell pressure from centralized exchanges. A slight bullish sentiment is evident in the market, but the absence of significant demand may require a catalyst for a breakout upwards.
Ethereum continues to showcase growth potential; however, to confidently move toward new highs, additional factors supporting a bullish sentiment are needed.
