Ethereum Price Records New High! Will ETH Price Hit $2,500 This Week?

The post Ethereum Price Records New High! Will ETH Price Hit $2,500 This Week? appeared first on Coinpedia Fintech News

The cryptocurrency market continues to display significant price volatility as major coins record constant fluctuations. Further, the Ethereum price has successfully recorded a new yearly high by breaching the $2,400 mark during the early trading hours today.

The ETH price traded in a range between $1,995 and $2,069 for over a week, following which the market gained momentum, and the price broke out of the range. The leader of the altcoins successfully breached its resistance level and jumped over 11%, after which the price faced rejection at $2,300.

TradingView: ETH/USDT

The ETH coin traded sideways for a while, following which the price regained momentum and recorded a gain of approximately 10%, resulting in the price recording a new yearly high.

However, the rally was short-lived as the bulls faced rejection at $2,400.After trading sideways for a while, the market lost momentum and the price experienced a significant correction in value. The ETH coin price then traded in a consolidated range between $2,200 and $2,300 for over two weeks.

Recently, the price successfully regained momentum and jumped over 10%, indicating a rising bullish influence in the crypto space.

Will The Ethereum Price Go Up?

The Moving Average Convergence Divergence (MACD) displays a jump in the histogram, indicating an increased buying-over-selling pressure in the market. Moreover, the averages show a sharp rise, highlighting a bullpower in the market.

If the bulls hold the price above the support level of $2,400, the bulls will prepare to test its resistance level of $2,450 this week. Maintaining the price at that level will set the stage for the Ethereum price to attempt to test its upper resistance level of $2,500 over the weekend.

Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its support level of $2,300. Further, if the bears continue to dominate the market, it will result in the coin losing all its gains and plunging to test its lower support level of $2,200.