Since April 7, ETH has staged an impressive rally, climbing nearly 97% from $1,388 to $2,743. This powerful upward move has caught attention, signaling renewed bullish momentum across the broader crypto market. With key resistance levels approaching, ETH is likely to maintain its strength and push toward the next psychological milestone.
Will Ethereum Lead The Next Leg Of Crypto Market Rally?
In his post on X, CoRE expressed strong optimism about Ethereum’s price trajectory, noting how close the asset is to reaching a new all-time high (ATH). He stated that, with ETH currently trading around $2,608, it only requires an additional $2,276, which is an approximately 86.8% move from current levels, to reach a new record.
He pointed out that Ethereum already moved more than that in just 34 days, referencing its impressive rally from $1,388 to $2,743, a gain of nearly 97%. Thus, CoRE suggests that ATHs are not just likely, they are also inevitable. His analysis highlights the strength of Ethereum’s current trend and the potential for continued upside, especially if broader market sentiment remains bullish.
CoRE also disclosed another post that Ethereum is once again at a critical juncture, with price action knocking on the door of resistance around $2,640. This level has proven tough to crack in recent weeks, acting as a ceiling that has capped upward momentum.
If Ethereum breaks through the $2,640 resistance zone, the next target on the radar is $3,200, a key psychological and technical level that aligns with prior price structures. A clean flip of this resistance into support could open the door for a bullish continuation, as confidence in the trend would be solidified. Technical indicators are starting to tilt in the bulls’ favor, and volume has begun to rise, two signs that buyers are preparing for a move.
No Immediate Overbought Or Oversold Condition
Another analyst, GemXBT, has shared his insights on Ethereum’s current price action, highlighting a consolidation phase for ETH/USDT around the $2,600 level. According to the statement, Ethereum’s technical indicators show early signs of potential bullish momentum.
Gemxbt points out that the 5-day moving average (4MA) has just crossed above the 10-day moving average (10MA). This crossover is often seen as a short-term bullish signal, hinting that buyers could begin to take control if momentum builds. However, other indicators suggest that the market is still awaiting stronger confirmation.
Looking at the chart, the Relative Strength Index (RSI) is currently hovering near the neutral zone, which means ETH is not overbought or oversold. Specifically, this neutral stance indicates that the price could move in either direction depending on incoming volume and broader market sentiment.
Meanwhile, the MACD (Moving Average Convergence Divergence) indicator is slightly bullish, but Gemxbt claims it still lacks strong momentum, a sign that bulls haven’t fully taken over the market. In terms of key levels, Gemxbt identifies $2,550 as a support zone and $2,650 as a resistance level. A decisive break above resistance may reignite upward momentum, while a slip below support might signal a short-term correction.
Featured image from Adobe Stock, chart from Tradingview.com
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