Ethereum has shown impressive strength recently, pushing past the critical $2,550 level and building momentum as traders set their sights on the next major resistance near $2,800. This bullish move comes despite ongoing global economic tensions and trade disputes that continue to weigh on crypto markets.
The price action reveals a solid uptrend characterized by higher lows and higher highs, with Ethereum rebounding strongly from the $2,470-$2,495 demand zone. However, technical signals advise caution as Ethereum approaches $2,800, where on-chain data indicates a concentration of investor cost bases that could trigger selling pressure.
Technical Highlights:
- Ethereum maintained a consistent uptrend over the past 24 hours, showing sustained bullish momentum through higher lows and highs.
- Above-average trading volumes during the 22:00 and midnight hours supported Ethereum’s breakout above key resistance.
- A notable surge in volume—178,236 ETH traded—coincided with Ethereum hitting its 24-hour peak of $2,597 at 07:00.
- Following this peak, a pullback to around $2,554 likely reflects profit-taking, suggesting a potential consolidation phase ahead.
- In the final trading hour, Ethereum experienced heightened volatility with a sharp 0.73% dip from $2,571.25 down to $2,552.40.
- Dramatic price action between 13:53 and 13:55 saw a swift drop to $2,545.12, accompanied by volume spikes exceeding ten times the average minute volume.
- Short-term support is emerging near $2,548, closely aligned with the broader 24-hour support level at $2,550.
Despite macroeconomic headwinds, Ethereum’s resilience and strong demand zones underpin optimism among traders and investors as it eyes the next key hurdle at $2,800.
