After experiencing a rise of almost 45% in the past week, Ethereum (ETH) has reclaimed the $2,200-$3,900 macro price range it lost in March.
ETH has experienced a remarkable surge of almost 45% in the past week, reclaiming the $2,200-$3,900 macro price range it lost in March. After hitting an 18-month low of $1,380 in late April, the cryptocurrency managed to recover and surge towards the $1,800 resistance. Finally breaking out last Thursday, ETH is now trading in the $2,400-$2,600 range.
Castillo Trading, a market watcher, notes that ETH is building a base at an important level before continuing its next move higher. According to the analyst, the $2,400-$2,700 zone will be ETH’s trading range for the next few days after retesting the range lows as support, with some activity in both directions before continuing the next leg up.
On the other hand, Daan Crypto Trades highlights that the current level is crucial as it could determine the cryptocurrency’s short-term direction. If ETH loses this key area, the price could drop to $2,300 or even below the $2,100 support. “In that case, just wait for consolidation to form at that level,” he explained.
Furthermore, Rekt Capital, another analyst, notes that ETH has secured a key Weekly Close after closing the week at $2,514 and officially reclaiming its Macro Range. Based on history, ETH is likely to “gradually rise across the Range” over time, while “any decline, if needed at all, would only reinforce $2,200 as Low Range support.”
However, if that level is lost, ETH could experience a 10%-15% pullback towards the $2,200-$2,100 mark. Rekt Capital also noted that the second-largest cryptocurrency has managed to fill the $2,530-$2,630 CME Daily Gap created in March.
With all these market dynamics, market participants and investors are expected to remain vigilant of ETH price movements that can change at any time. Understanding the key levels and potential scenarios that could occur will be very helpful in making the right investment decisions.
