Ethereum ($ETH /USDT) is currently testing a key resistance level at $2,764 following a recent upward surge. This area is crucial as it could dictate the next move for ETH.
Key Levels to Watch:
Resistance: $2,764Support: $2,723
Breakout Possibilities:
Bullish Breakout:
If Ethereum can break and hold above the $2,764 resistance level with strong volume, it could trigger a fresh rally. The next target would likely be in the $2,800 - $2,850 range, potentially pushing higher if bullish momentum sustains.
Bearish Rejection:
On the other hand, if ETH fails to break above $2,764 and faces rejection, a pullback towards the $2,723 support level is possible. A break below this support could open the door to further downside, possibly testing the $2,650 level.
Market Sentiment:
With the current market dynamics, keep an eye on volume and market sentiment. A breakout on strong volume could confirm the bullish scenario, while a lack of follow-through could signal caution.
Ethereum's next move is pivotalâwhether itâs a breakout to new highs or a pullback to gather more strength. Stay tuned and be prepared for both scenarios. đ #BinanceLaunchpoolDOGS #PowellAtJacksonHole #CryptoMarketMoves #BinanceBlockchainWeek #LowestCPI2021
