Ethereum (ETH) has been on a bit of a rollercoaster lately. After a nice climb showing higher highs and higher lows (a bullish sign!), it’s now chilling out in an accumulation phase just below a key resistance level. Think of it as a breather before the next big move.
EMA Convergence: A Crucial Moment
Right now, ETH is testing a really important area: where the 50-day and 100-day exponential moving averages (EMAs) meet. This area has historically been a strong support level. Plus, the Stochastic RSI is bouncing back from oversold territory – another hint that things might be about to change.
What Happens Next?
If ETH holds this support level and the EMAs, we could see another push towards the resistance zone, or maybe even a breakout beyond it. Traders will be watching volume carefully to confirm any upward movement.
However, if ETH fails to hold this support, it could mean more weakness and a deeper pullback. This would shift the market sentiment, and likely lead to more selling pressure. For now, this area is a make-or-break point.
Potential Targets if ETH Breaks Out
If ETH successfully breaks through the current resistance and EMA confluence, here are some potential price targets:
- $2,858: This is the immediate resistance level. Breaking through this, especially with strong volume, would be a very bullish sign.
- $3,360–$3,659: This range previously acted as a supply zone, so it could offer some minor resistance.
- $4,100: A key psychological level.
- $4,863:
A potential target if the momentum is really strong.
