An improvement over $2,750 is required by Ethereum to confirm its intent to rise to $3,600.
If the price does not go above $2,750, this could bring ETH back to the $2,150 area and delay more significant movements.
Ethereum (ETH) currently costs $2,508.95, which is a slight rise of 0.09% from yesterday. In spite of constant volatility in trade activity, the cryptocurrency has kept its place, as its trading volume fell to $11.2 billion from $13.1 billion. The drop in trading volume has not affected the stability of Ethereum’s market cap and price, as it still holds at $302.88 billion and the same price.
Source: CoinMarketCap
When looking at ETH on a weekly timeframe, two important price levels are shaping where its medium-term trend is heading. After Ethereum reached new lows recently, it was strongly supported at $2,150 and jumped sharply because of this. On the other hand, $2,750 is turning into a key place of resistance. Analysts believe that Ethereum cannot start a continued recovery until this point is taken back.
Resistance at $2,750 Remains a Market Focus
The price of Ethereum is right now struggling below $2,750 as the market is unsure after it moved up from its previous support. A holding of the resistance on Ethereum can prompt a further bullish move towards the area of $3,600. This upper range makes up the current technical structure’s main resistance area.
If the price of ETH can’t reach $2,750, then there is a possibility that the price drops back down to test $2,150 once again. This zone has been a solid support for the asset in the past; therefore, it could continue to help support buys during any market downturn.
Market Conditions Suggest Sideways Action for Now
Ethereum supply consists of 120.72 million ETH, and there limit on how many ETH can be issued. The volume-to-market cap ratio is currently 3.69 percent, which suggests that there is average activity with Ethereum’s entire value. Since the price moves within a certain span and no breakout has been signaled, the market seems directionless for now.
Those taking part in the market are closely following Ethereum’s movement around the $2,750 point. If reclaim succeeds, it can give a new direction, but rejection could maintain the stage of advancing on the chart. For the time being, Ethereum is holding a conservative position in the overall structure it is part of.
“Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.”
<p>The post Ethereum Consolidates at $2,500: Watch This Critical $2,750 Level first appeared on Coin Crypto Newz.</p>
