ETH Stays Above $2500 Amidst Weak Market. Signal for Bullish Trend?
- ETH surpasses $2,550 resistance, eyes $2,800 breakout for a potential uptrend toward $3,000.
- Ethereum daily transactions on the blockchain peaked at a three-year high of around 1.96M.
In the wake of Bitcoin’s consolidation following the approval of ETFs, Ethereum (ETH) has emerged as a frontrunner in the crypto market, making notable strides with a 1.65% surge, currently trading at $2,567 with a market cap of $308 billion.
The second largest cryptocurrency, ETH, is currently undergoing a corrective phase, marked by a recent sharp downturn evident in intraday time frames. Despite this, Ethereum has been striving to surpass its recent high of approximately $2,700.
Ethereum (ETH) Dominance Continues
Ethereum’s seamless smart contract adoption has garnered increased attention from both institutional investors and retail traders. Further, the recent approval of several spot Bitcoin ETFs in the US has heightened expectations for the SEC to greenlight Ethereum spot ETFs, resulting in elevated daily trading volume and increased buy orders for Ethereum in comparison to Bitcoin.
This week, Ethereum’s daily transactions on the blockchain peaked at a three-year high of around 1.96 million but have since stabilized at approximately 1.28 million. Following that, ETH has outperformed Bitcoin and initiated a fresh upward movement above the $2,550 resistance zone.
On the upside, Ethereum faces resistance around the $2,600 level, with the next significant hurdle at $2,650. A clear breakthrough above $2,650 could set the stage for a potential push towards the $2,800 level. A decisive close above $2,800 might trigger a more significant uptrend, targeting the $3,000 zone.
Conversely, a failure to breach the $2,600 resistance may lead to a retracement. Initial support lies at $2,500, followed by a key support zone at $2,450. A downside break below $2,450 could open the possibility of further declines, although a trading range between $2,450 and $2,500 remains a plausible scenario.