Ethereum Price Exceeds $2,800
FXOpen
The last time the ETH/USD price was at this level was in May 2022, which was the start of a massive drop of more than 65% in 1.5 months.
However, now the ETH/USD market is dominated by bullish sentiment, for the following reasons:
→ deployment of the Dencun update on the Ethereum network this month, which will open up new opportunities for users and developers;
→ expectations that this year, following the approval of Bitcoin ETFs, applications for the launch of ETFs on Ethereum will be approved;
→ waiting for a traditional bull market after halving in the Bitcoin network.
So far, the ETH/USD chart shows that the price of Ethereum is moving within an ascending channel that begins in 2023. Moreover, the price is in its upper half — an indication of the strength of demand. If the trend continues, the price of Ethereum could reach $3,000 within a month.
At the same time, the price of Ethereum is approaching the upper border of the channel, which may provide resistance. It is possible that the indicators will indicate that the market is overbought, creating the preconditions for the formation of a correction.
Probable support levels can help the bulls in a scenario where a correction develops:
→ 2,400: this level influenced the price of ETH starting in December 2023;
→ 2,700: former 2024 high, which was broken on a wide bullish candle (a sign of strong demand);
→ median line and lower boundary of the current channel.
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*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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