Ethereum Price Analysis: Breakout or Bust at $2,650?
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Ethereum's price action is currently focused on the crucial resistance level of $2,650. A successful breach of this level could trigger a significant rally, potentially igniting a broader altcoin market upswing. Analysts are closely monitoring the situation, with some pointing to the potential for a move towards $2,700 and beyond if this resistance is overcome. However, failure to break through $2,650 could result in a price drop back towards $2,500 or even lower. The recent price rebound from around $2,500 has shown some short-term bullish momentum, as evidenced by Ethereum trading above its 34-period EMA and major short-term SMAs. This positive momentum is tempered by the persistent presence of heavy supply around the $2,650 mark, a level that has repeatedly acted as a ceiling in recent weeks. The overall market sentiment remains cautious due to macroeconomic volatility and uncertainty surrounding global conditions, including US-China trade relations and rising Treasury yields. Despite this, Ethereum's resilience above $2,500 has maintained some bullish conviction among investors. Many believe that a successful breakout could signal a shift in capital from Bitcoin to altcoins, with Ethereum potentially leading the charge in this “altseason”. The coming days will be critical in determining whether Ethereum can overcome this resistance and establish a new upward trend. Technical analysis suggests a horizontal range between $2,500 and $2,700, making the $2,650 level a make-or-break point for the short-term price trajectory. Volume remains relatively stable, suggesting a lack of strong conviction from either bulls or bears. A higher high following the recent higher low would further strengthen the bullish case. The situation remains dynamic, and traders should closely monitor price action around $2,650 for confirmation of a bullish continuation or a potential rejection.
(Source: https://www.newsbtc.com/news/ethereum/ethereum-reclaims-pivotal-level-key-resistance-around-2650/)
