- Ethereum is nearing a critical resistance at $2,699, which it must break to push toward the $3,000 mark.
- However, strong selling pressure around $2,800 and upcoming economic data could stall its bullish momentum.
Ethereum (ETH) is showing promising signs of recovery as it gains 2.89% in the last 24 hours, currently trading around $2,636 as of Tuesday morning. This uptick follows a recent dip to $2,500 on May 23, signaling a steady rebound that has positioned ETH ahead of many top 10 cryptocurrencies in daily performance. However, this rally faces a critical test as Ethereum approaches a major technical resistance zone that could determine its near-term trajectory.
The spotlight falls on the 200-day Simple Moving Average (SMA), currently sitting at $2,699—a level ETH has struggled to close above since May 13. This moving average is widely watched by traders as a key indicator of market sentiment. A decisive break beyond this resistance could unlock fresh bullish momentum, potentially propelling Ethereum towards the coveted $3,000 milestone.
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Supporting this optimistic outlook, Ethereum remains comfortably above key support thresholds such as the True Market Mean at $2,400 and the Realized Price at $1,900. These levels reflect areas where buyers previously entered the market, providing a solid foundation for ETH’s current price action. Moreover, the Average Price for actively used coins, currently below the realized price of $2,900, remains a significant resistance marker. Surpassing this would further signal a trend reversal in favor of bulls.
Nevertheless, caution persists as Glassnode data highlights strong selling interest around the $2,800 range—an area where earlier investors might offload holdings to avoid losses. This selling pressure could serve as a speed bump, potentially stalling Ethereum’s advance just short of $3,000.
Compounding market uncertainty, traders are eyeing upcoming economic data releases, notably the Core Personal Consumption Expenditures (PCE) index, favored by the Federal Reserve. How this data influences broader risk appetite could swiftly impact ETH’s price dynamics.
In summary, Ethereum stands at a pivotal crossroads. Clearing the $2,699 resistance could set the stage for a push to $3,000, but obstacles around $2,800 and macroeconomic factors may shape its path. Investors and traders will be closely watching whether ETH can sustain its bullish momentum or face renewed headwinds in the days ahead.