The recent declines in the cryptocurrency market have deeply affected Ethereum, but it is also showing signs of recovery. Analyst Rlinda predicts that Ethereum could make a strong rise if it can overcome the critical resistance levels between $2,717 and $2,817. If these levels cannot be broken, there may be a risk of a pullback.$ETH
Ethereum is struggling with the key resistance area between $2,717 and $2,817 on the daily chart. These levels have been tested several times in recent weeks, but each time there has been a pullback. Bulls breaking through this resistance area is critical for the price movement to continue upwards. On the weekly chart, Ethereum is trading close to its 50-week moving average, which has historically provided strong support. Additionally, the 200-week moving average, which is around $2,156, supports Ethereumâs long-term bullish potential. However, if this level cannot be sustained, the price is likely to drop back to $2,500.$ETH
If Ethereum can break the resistance zone between $2,717 and $2,817, the price may rise to $3,500 and then $4,000. If these levels cannot be broken, the price is expected to drop to $2,500. In this case, the $2,425 and $2,400 levels stand out as critical support points.$ETH
The recent liquidation events and the rapid recovery that followed indicate the potential for the market to move upwards. However, for the bull market to continue, Ethereum needs to reach and maintain the $3,000 level. A consolidation above these levels could allow Ethereum to reach new highs.
Resistance Levels: The $2,717 to $2,817 range is critical.
Support Levels: $2,425 and $2,400 levels.
Target Levels: $3,500 and $4,000.
Continuation of the Bull Market: The $3,000 level needs to be reached and maintained there.
Ethereumâs future movements will largely depend on how these resistance levels are broken. If the bulls continue to rise above these resistance levels, the $4,000 target could be realistic in the near term. However, if these levels are not broken, the possibility of a pullback in the market should also be considered. Also, Bitcoinâs direction could have an impact on Ethereumâs performance; Bitcoinâs downward movement could negatively impact Ethereumâs bullish prospects.
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