Ethereum Eyes Big Move As Price Compresses Between Key Levels – $2,100 Or $4,000 Next?
Ethereum (ETH) is retesting local range highs after a market shakeout, with analysts predicting continued sideways movement in the coming weeks. Last week, ETH reached a three-month high of $2,879 but faced a decline due to geopolitical tensions, stabilizing between $2,400 and $2,680 since early May. The cryptocurrency has been rejected from the $2,800 resistance level four times recently. Market analyst Daan Crypto Trades emphasizes the significance of this level, suggesting a potential move to cycle highs around $4,000 if ETH breaks above $2,800. Conversely, a drop below the current range could lead to a decline toward $2,100. Merlijn The Trader notes that ETH's current consolidation mirrors patterns from 2016-2017, indicating a possible upcoming surge. Ethereum is currently trading at $2,640, reflecting a 3.7% daily increase.
