Ethereum surged and then retreated, potentially gearing up for another attack on key resistance
Ethereum reached a peak of $3040 yesterday (Binance spot price), just a step away from our anticipated key resistance level of $3050. The daily line ultimately formed a small bullish doji, indicating that short-term upward momentum has weakened, and the market may enter a phase of high-level consolidation.
If enough momentum can be built after the consolidation, ETH is expected to continue its ascent towards the 3070-3150 range. In a strong market, it may even further challenge the $3220-3330 range. Investors need to closely monitor changes in volume to assess the validity of any breakout.
From a technical perspective, the key resistance levels to watch above are $3050, $3220, $3330, and $3450. The key support levels below are $2750, $2680, $2510, and $2430. The current market remains in a bullish pattern, but caution is warranted in the short term regarding the risk of a corrective adjustment.
