Ethereum 'Stretches' with Attempt to Break $2,400... Will it Eye the $3,000 Mark?

▲ Ethereum (ETH)

Ethereum (ETH) has halted its long-term downtrend and is recovering its strength in the $2,400 range. At the same time, market attention is focused on whether it will break through the 100-day exponential moving average (EMA), the last technical watershed that will determine its recapture of the $3,000 high.

Cryptocurrency specialized media U.Today reported on April 23 (local time) that Ethereum is forming a short-term upward trend, leaving recent declines behind and backed by steady buying pressure. Currently, Ethereum is trading in the $2,400 range, showing a stable trend where dip-buying enters whenever prices fall. Although the recent sharp correction phase seems to have passed, analysis suggests that structural changes are essential to enter a full-fledged recovery market.

The key indicator that will determine the success or failure of this rally is the 100-day exponential moving average (EMA). This moving average has acted as a strong resistance line throughout the long-term bear market, repeatedly thwarting Ethereum's attempts to rebound. Currently, Ethereum is once again targeting the 100-day EMA, and a decisive breakthrough and stabilization above this level is the most crucial technical task to determine its future price trajectory.

If Ethereum succeeds in breaking through the 100-day EMA, it will enter a sustainable recovery phase, beyond a mere technical rebound. In such a scenario, the path to reaching $2,700 and ultimately the $3,000 mark will open. If it fails to overcome this resistance, the current movement is likely to remain a temporary rebound within a larger downtrend.

The current supply and demand situation in the market is relatively positive. Ethereum's trendline is gradually moving upwards, and demand remains robust. While trading volume is not yet sufficient to confirm a strong breakout, it is supporting the price increase. Auxiliary indicators, including the Relative Strength Index (RSI), are on an upward trend but have not yet entered the overbought zone, leaving ample room for further gains.

Caution is also needed regarding the risk of a correction if the resistance breakthrough fails. If Ethereum is pushed back by selling pressure once again at the 100-day EMA, its price could retreat to the support zone between $2,200 and $2,300. Such a decline would reconfirm a long-term seller-dominated market structure and could lead to overall psychological contraction in the market.

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