#BTC $BTC
As Bitcoin struggles to reclaim the $100,000 level, #Ethereum faces stiff resistance just above $2,800. Currently, ETH is trading at $2,840, reflecting a solid 4.52% surge in the past 24 hours. Despite this bullish recovery, Ethereum is now testing a critical resistance zone, raising questions about whether another rejection is imminent or if a breakout rally is in the cards.
Ethereum Price Trend Analysis:
Looking at the 4-hour chart, Ethereum is showing signs of a potential comeback after a breakdown rally from a local support trendline. The quick V-shaped reversal and rounding bottom pattern suggest that ETH may be on the cusp of reinstating its bullish trend. However, the 23.60% Fibonacci level near $2,900 is a crucial resistance that Ethereum must break through to confirm the continuation of the upward momentum.
The 4-hour RSI is approaching the halfway level, signaling strength without signs of bearish divergence, which suggests the uptrend is intact. The Keltner Channel confirms the bullish outlook, showing a sharp uptrend on the lower band, while ETH trades above the 20-day moving average, reinforcing the positive momentum.
Ethereum bulls must clear the $2,900 resistance to pave the way for further gains.