- Ethereum showed strong support above $2,600, with a possible rally to $3,200 or $4,000.
- Growing institutional interest and active network usage signaled potential upward price movement.
Ethereum [ETH ($2,717.42)] has shown strong support above $2,600, signaling that it may continue on its upward trajectory. At press time, Ethereum is trading at $2,702.21, reflecting a 0.67% increase over the last 24 hours.
However, the real question is whether ETH can sustain its momentum long enough to break through these critical levels.
ETH technical analysis: Will the momentum last?
ETH’s recent price movement suggests that it could be entering a bullish phase. The chart shows Ethereum trading within a well-defined channel, with significant resistance at $2,800, $3,200, and $3,400.
If ETH can break above the $2,800 resistance, it could pave the way for a rally toward $3,200 or $4,000. At the time of writing, the RSI was at 38.95, indicating that there is still room for further upside potential.
However, Ethereum will need to overcome the challenges posed by the downward-sloping channel and stay above key support levels to maintain its bullish trend.
