⚈ A recent rally pushed ETH $ 2,400 after a $ 10-week bear market driven by Pectra's upgrade and $ 400 million with short liquidation.
⚈ However, RSI's excessive levels refer to ETF, despite its recent benefits.
As Ethereum (ETH) stuns more than 30%of cryptocurrency markets, Peter Brandt, a veteran trader, has emphasized that the property could set another rise price.
Brandt's analysis pointed to a perennial congestion pattern, which refers to the potential “moon hit” as the rising triangles. This pattern that often gives up to the upward movement as it is upside down was highlighted in his X post May 9th.
Supporting this bullish outlook is a long -term trend on the rising trend line, which connects to the lowest of the 2025 north of 2020, which shows a steady rise.
This trend line provides a very necessary support, strengthening the bullish case for Ethereum, especially since it trades over a critical $ 2,50 resistance, which is the main breakthrough zone.
The projection of the trading expert also identified a $ 1,728 support zone as a key relationship, indicating a strong purchase of interest during multiple improvements.
In addition, the technical indicators are in line with the bulls. In this case, the average of the 8-period and 18-period moving average (ma), potentially setting the bullish crossover as the momentum continues.
Meanwhile, the average directional index (ADX) remains weak, but may strengthen if ETH cleans the head resistance near $ 2150.
Ethereum's main levels to view
It is worth noting that after permanent losses, Ethereum has taken his position back near the cryptocurrency market, overtaking Bitcoin and pushing $ 2,400 for the first time for the first time for more than three months. This rally began on May 8 and ended with a 10-week bear market, which had inspired ETH to be as low as $ 1,385 in early April.
This sharp step started to eliminate ETH short positions over $ 400 million, trying to see many whales and market manufacturers.
Analysts attribute this increase with the successful introduction of Ethereum Pectra Upgrade, which is the main technical improvement that focuses on the scale and usability of the network.
Despite this price jump, the US Spot ETF experienced the third day of the day, which lost $ 16 million on May 8. This indicates that the rally is driven by the basics of the chain and the wider macro levels rather than institutional inflows.
Ethereum price analysis
As of the press, Ethereum trades for $ 2,467, which has more than 6%in the last 24 hours, and has reached more than 35%in the weekly chart.
The asset is over its 50-day simple moving average-$ 1823, but less than 200-day SMA-2-$ 2,559, reflecting a mixed technical setting. Most importantly, the 14-day relative strength index (RSI) of Ethereum gives an indication of possible correction at 81.
Nevertheless, the market centiment remains neutral, the Fear and the greed index are 70 (greed), providing positive care that can produce additional benefits.
Highlighted image via Shutterstock
