The post Ethereum Struggles at $2,500: Here’s What May Trigger a Strong Rise Above $2800 to Reach $3000 appeared first on Coinpedia Fintech News
As soon as the Bitcoin price reclaimed $59,000, the Ethereum price also made a bullish move above $2,500. Although the bears appear to be extremely vigilant over the token, the bulls remain poised to keep up the bullish perspective of the token. However, the token is also trying to gain strength against Bitcoin and once this happens, the ETH price is expected to begin, which could elevate the levels beyond the expected range.
The ETH price has been holding above the lower support firmly, which suggests the preparedness of the bulls to keep up the ascending trend. Besides, the ETH/BTC pair is also displaying similar momentum, which is expected to initiate a 10% rise to reach the resistance. One of the popular analysts, Michael van de Poppe, believes it to be an excellent first day of the week as the pair rebounded and expects a continuation of a bullish divergence.
The analyst remains bullish on Ethereum as the start of the week remained bullish after withstanding a minor pullback. However, he believes the bullish divergence may be valid for now but to gain some more momentum, a rise beyond 0.046 BTC is a must.
“An excellent first day of the week, as ETH/BTC crawled upwards,
The bullish divergence might still be valid, but we’ll need more additional momentum and a breakout above 0.046BTC,”
With this Move, Will the Ethereum (ETH) Price Surpass $2,800?
The ETH price was trading within a rising wedge in the first few days of August, which resulted in a significant pullback. The price continues to hold above the crucial support zone, which has kept the bullish hopes alive. However, to trigger a fresh bullish spell, the ETH price is required to surpass the crucial range, without which the bullish divergence may not be validated.
The ETH price has been consolidating within a narrow range and displays the possibility of rising to the upper resistance zone between $2,947 and $2,995. The OBV had been trading horizontally for nearly a month, which occurred in May-June 2024. This resulted in a steep breakout, elevating the price from $3000 to $3,600 in a single day. Therefore, similar signals are flashing with the possibility of a breakout. Hence, a rise from the current consolidation may elevate the levels close to the $3000 range.
