CryptoPotato published an opinion article stating that although the price of Ethereum suffered a major sell-off near $2,700, the price is currently testing key support levels.
Technical analysis from TradingRage shows that on the daily chart, the price was sold off at $2,700 and the upper boundary of the large ascending channel, and the $2,400 support level was also broken, and the price is currently being retested from below. If the ETH price re-enters $2,400, it may trigger a wave of gains, pushing the price up to $2,700 or even higher. On the other hand, if the price is sold off at this level, it may fall to the 200-day moving average, which is around $2,000. From the 4-hour chart, the price gradually rose to around $2,400, and the relative strength index (RSI) also showed a value of more than 50%, indicating that the buyer's momentum is strong. Therefore, the current price is more likely to break through the $2,400 resistance zone.
