With the crypto market experiencing an increase in price action, altcoins like Ethereum have gained momentum, showing significant price volatility.
Current Ethereum Price Situation
Amid a bullish recovery in the financial system, Ethereum price has jumped by 7.12% in the past week, reclaiming the $2.4k mark. The 24-hour trading volume was $20.97 billion.
Ethereum Technical Indicators
The SMA indicator is on the verge of a bullish convergence in the 1D time frame, suggesting increased bullish sentiment in the market. The MACD shows a rising green histogram in the Ethereum price chart, indicating a bullish trend.
Ethereum Price Forecast
A bullish breakout could lead Ethereum towards its resistance level of $2,530 and potentially $2.8K. However, if resistance is met, ETH could drop to $2.1K.
Ethereum prices show upward trends despite some resistance. Technical indicators point to potential growth, but certain market challenges need to be addressed.
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