Ethereum (ETH) goes straight from $1880 to $2500... Targeting $2,700

▲ Ethereum (ETH)/ChatGPT Generated Image

Ethereum (ETH) surged from around $1,880 in August to above $2,500, retaining most of its gains and increasing the potential for further breakthroughs.

According to U.Today on September 15 (local time), Ethereum has formed a narrow trading range between approximately $2,400 and $2,550 over recent weeks. The fact that it has maintained high price levels without a significant pullback after the August surge supports the bullish trend.

Ethereum is trading above all its major moving averages. The short-term moving average has risen to $2,400, and the medium-term moving averages are situated between $2,200 and $2,260. Technically, it's notable that the price has not fallen back to the moving averages since the August breakout, but has held firm at the upper levels.

On the upside, $2,520-$2,560 is a critical resistance zone. Ethereum has tested this zone multiple times but has not decisively broken through it on a daily closing basis. If it surpasses $2,560, the previous intraday high of approximately $2,660 is presented as the next target. Subsequently, the $2,650-$2,700 range has also been mentioned as a major resistance level.

The Relative Strength Index (RSI) entered the overbought zone and then retreated to the mid-50s. U.Today analyzed that while the upward momentum has slowed, it has not turned bearish. The key support zone is $2,400-$2,440. If this zone breaks, $2,300 will become the next support, and subsequently, the cluster of moving averages between $2,200-$2,250 could be tested.

U.Today assessed that the current technical structure leans towards continued upside rather than a trend reversal, based on the fact that the August surge has been absorbed without a major decline. It analyzed that if a daily close above $2,560 is confirmed, the upward momentum towards the $2,650-$2,700 range could strengthen further.

[Article Key Summary]

-Ethereum surged from around $1,880 in August to above $2,500, and has retained most of its gains.

-$2,520-$2,560 is a critical resistance zone; if broken, $2,650-$2,700 is presented as the next target.

-$2,400-$2,440 is a major support zone; if broken, $2,300 and the $2,200-$2,250 range are the next support levels.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*