Following the market’s recent pump, leading cryptocurrencies have shown remarkable performance. Bitcoin is trading above $64,000, while Ethereum (ETH) surged 9% this week to consolidate above $2,600. Despite this bullish sentiment, some investors are cautious as Ethereum faces the next crucial resistance.
Ethereum recorded a 13% price jump in the last seven days after the US Federal Reserve announced a 50 basis points (bps) interest rate cut. This momentum pushed ETH's price to a month-high range, creating positive sentiment among investors.
Over the weekend, Ethereum surged from the $2,300 support zone to $2,500, reclaiming the $2,600 resistance level as the week started. Since then, the cryptocurrency has oscillated between $2,600 and $2,684, but faced resistance after recovering from a drop to $2,500.
Market analyst Crypto Yapper noted that ETH encountered critical resistance at the $2,650 mark. Despite these challenges, Ethereum’s price jumped 1% to trade above $2,650, currently exchanging hands at $2,660.
Crypto Trader Daan highlighted that maintaining a higher low but not achieving a higher high indicates the potential for a trend reversal at the $2,820 mark. This would signify significant bullish movement toward a $3,000 resistance.
Julien Bittel, of Global Macro Investor, compared Ethereum’s current market structure to its 2023 performance, suggesting a breakout could trigger new all-time highs by mid to late October. Predictions indicate ETH could reach $10,000 to $20,000 by Q1 2025, representing significant gains from its current price.
