Ethereum Price Analysis: Strong Support Found at $2,460, Breakout Above $2,600 Could Signal Bullish Momentum

Ethereum Price found strong support at $2460 in the previous trading session and rebounded back above $2500 and is inching to move above the key resistance level of the $2600 zone.

Ethereum price action showed strong support at the $2,460 level in the previous trading session as buyers pushed to recover the $2,500 zone and inch towards the next key resistance at the $2,600 zone.

At the time of writing, the coin is trading at a price point of $2,570, up 2% over the past 24 hours. Its market capitalisation is now $310.26 billion, while the trading volume for the last 24 hours is $13.00 billion.

Earlier today, the price of ETH reached a recent high of around $2,600, which is acting as a key resistance level. A successful breakout above this level could signal potential bullish momentum and lead to a strong rally to new highs in the upcoming trading sessions.

In this overview, we will analyse the key technical levels and trend directions for Ethereum to monitor in the upcoming trading sessions. All charts mentioned below are based on the 15-minute timeframe.

Ethereum Chart Analysis & BTCUSD Price Action.

Ethereum traded in a sideways level around the $2.5k for a few trading sessions. After a strong rally, it plunged to the key $2.5k level in the current trading session.

If the price manages to break below the first level of support at $2,546, we can observe the price moving towards the next price level at $2,519 and $2,473. Also, if price manages to break these levels, we can observe a further downside in the near term.

On the upside, we can see resistance to the price action at levels $2,592, $2,627, and $2,689. If the price of Ethereum manages to break the first level of resistance, we can see an upside price movement to the next level of resistance, as shown in the chart.

In Closing

If the price of the cryptocurrency successfully breaks through these resistance levels, we can anticipate a stronger upward trend to a sideways trend in the upcoming trading sessions. However, if the resistance levels are not breached, the market may shift into a bearish trading session.

Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for more accurate entry and exit points.