Ethereum is once again aligning with the broader crypto market recovery as its price begins to reclaim ground lost during recent downturns. After briefly dropping to a local low of $2,177 over the weekend, the second-largest cryptocurrency by market capitalization has climbed back above $2,400. At the time of writing, Ethereum is trading at approximately $2,412, though it still reflects a 2.9% loss over the past week and a 2.4% dip over the last two weeks. Amid this price performance, a CryptoQuant analyst has assessed Ethereum’s interaction with the 50-day Exponential Moving Average (EMA), a commonly used trend indicator, and came up with an outlook on where the asset is likely headed. Related Reading: Ethereum Whale Loads Up: $422M In ETH Bought In Under a Month Ethereum Key Resistance Levels and Historical Price Patterns According to a recent post by CryptoQuant contributor İbrahim COŞAR, Ethereum is approaching a pivotal moment that could define its next price trajectory. The analyst believes that a decisive break above the 50-day EMA could propel ETH to the $2,800 level, with a further push toward $4,000 if resistance levels are breached. In his analysis, İbrahim COŞAR emphasizes that Ethereum must close consistently above the $2,500–$2,600 range to confirm a breakout. Past data suggests that ETH has previously moved sharply after breaking out of similar consolidation zones. Specifically, in an earlier phase, Ethereum oscillated between $2,100 and $2,800 before moving strongly to $4,000. A similar move could unfold if ETH can surpass the $2,800 resistance in the current market cycle. COŞAR also noted that Ethereum’s 50-week EMA remains a longer-term resistance barrier. A breach of this technical ceiling, combined with strong daily closes above short-term resistance levels, could indicate the beginning of a more aggressive upward trend. However, the analyst advised caution, pointing out that macroeconomic and geopolitical events, particularly those involving the US, Israel, and Iran, could trigger market volatility. He recommended avoiding excessive leverage during such periods. Additional Technical Perspectives Point to Further Gains Javon Marks, another crypto market analyst, presented a more aggressive outlook for Ethereum. In a recent post, Marks observed that Ethereum has broken above a descending trend line, which historically aligns with upward price continuation. He projected that Ethereum could see an 81% gain to reach a target price of $4,811.71. Furthermore, if momentum builds, an additional rally could extend gains by another 77%, pushing prices toward $8,557.68. These projections are not guaranteed, but they highlight growing optimism in Ethereum’s market structure, especially among traders who base strategies on technical chart formations. Related Reading: Ethereum Bounces Hard After Support Bluff, A False Alarm Or Fresh Rally? Despite recent volatility, the broader sentiment appears to favor a continuation of the upward trend, provided critical resistance levels are overcome and no major disruptive events emerge. Featured image created with DALL-E, Chart from TradingView
