Ethereum Ecosystem Taking Off Heavily: The ETH Price is Likely to Hit This Level in Next 48 Hours

The post Ethereum Ecosystem Taking Off Heavily: The ETH Price is Likely to Hit This Level in Next 48 Hours appeared first on Coinpedia Fintech News

The Ethereum price displayed an epic retest after marking the daily highs above $2600. Besides, the trading volume on the previous trading day was the highest since November 2022, which elevated the levels by more than 10%. While the ETH price is pumping against Bitcoin because of bullish BTC events, it appears that the Ethereum ecosystem is heavily taking off. After marking new highs, there is a huge possibility of a bearish pullback below $2500 before triggering a fresh upswing.

The ETH price has maintained a decent upswing since the last few days of October, elevating over 70% from the interim lows of around $1522. The recent price action caused the price to pierce through the crucial resistance zone between $2400 and $2500 and closed the previous day’s trade beyond $2600. Moreover, the value sustained above $2600 at press time suggests the bulls have jumped in action, and hence the target at $3000 has now been activated.

After consolidating between the $2150 and $2400 price ranges for over a month, the ETH price broke up and reached a high above the $2600 mark. The token is experiencing a minor pullback at the moment, which could be quickly overcome by giant bullish action soon. Being different from the previous price action, the ETH price is expected to hit $2500 any time from now on. The RSI has still not marked highs above the resistance, and the price soared above the crucial resistance, indicating the bullish momentum may prevail for a long time.

The upward momentum may lift the price beyond the next target at around $2800 in the next few days, but before hitting the milestone at $3000, bulls could lose their momentum. This is when a bearish divergence in RSI will be recorded, which may compel the price to initiate a fresh descending trend. However, the current resistance zone between $2400 & $2500 may act as a strong support base, which may hold and trigger a healthy rebound soon.

Therefore, the next couple of days may be extremely crucial for the Ethereum (ETH) price, as a bullish weekly close may squash the bearish narrative.