Ethereum shows significant recovery from the $1,500 support level and aims to regain key levels. Currently, ETH is trading around $2,554.
Current Situation in the Ethereum Market
Ethereum has bounced back from the $1,500 support level and is demonstrating growth, striving to reclaim its previous position. Currently, ETH is trading at about $2,554, which is 1.23% higher than the last day. The zone between $2,250 and $2,750 is significant for Ethereum's further movement.
Technical Indicator Analysis
According to crypto analyst Crypto Tony, it is crucial for the bulls to reclaim the $2,750 level for the next rally to begin. Weekly technical indicators reveal slight bullish market sentiment, confirmed by "buy" signals from the MACD.
Outlook and Risks for Ethereum
Over the past 24 hours, ETH's open interest has increased by 3.03% despite price fluctuations, indicating strong market momentum. However, if Ethereum fails to confirm a breakout above the $2,750 resistance, it could lead to heightened bearish pressure in the mid-term.
Ethereum is at a crucial resistance zone. A possible breakout above $2,750 may lead to a new rally, while failure could lead to negative market developments.
