Ethereum Holds Critical Support But Faces Uncertainty at Resistance, Analyst Says ETH Could Go As Low As This Level Before Halving
Ethereum currently finds itself at a critical inflection zone from both a short-term and long-term perspective. According to crypto trader Ali, ETH is testing key support between $2,388 and $2,460. As long as this demand zone holds, Ali sees a “clear path ahead with minimal resistance” for Ethereum to trend higher.
However, trader David points out that Ethereum also faces major historical resistance around $2,700. This area aligns with the highs from last June, when ETH stalled out and reversed lower. David notes that ETH did manage to break its monthly resistance at $2,700 earlier this month. However, sustaining above this level has proven difficult.
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Monthly Close Could Set Long-Term Trend
Importantly, David is monitoring how Ethereum closes on a monthly basis relative to the $2,725 and $1,934 levels. A monthly close above $2,725 would confirm a macro breakout and support a rally to $3,500. However, failure to hold above $2,725 would open the door for a deeper “monthly retest” of the $1,934 area below the halving.
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So in summary, the bullish and bearish cases hang in a delicate balance at current levels. Holding the demand zone noted by Ali between $2,388 and $2,460 could fuel a relief rally and build cause for upside momentum. But if the bears resurface, Ethereum remains vulnerable to revisiting the $2,000 level and possibly lower, based on the analysis from David.
Near-term price action is inherently difficult to predict in volatile crypto markets. However, monitoring critical technical levels often provides an edge. With Ethereum straddling major long-term support and resistance, its next directional move could set the tone for trend progression over the subsequent months and quarters.
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