Ethereum (ETH) exhibited bullish activity as it closed with a green candle. However, market sentiment remains uncertain due to a significant bearish move observed the previous day. The recent price action reflects a market oscillating between bullish and bearish sentiments, with traders cautious about making decisive moves.
An analyst, CRYPTOWZRD, highlighted in his X post the need to observe more healthy candles to establish a more precise bias. While the green close offers some optimism, it may not yet signify a solid bullish trend. Therefore, the focus shifts to the intraday chart for identifying potential trade opportunities as current positions are secured.
ETH/BTC Pair Consider Key Resistance Level
The ETH/BTC pair displayed bullish momentum, reaching a significant resistance level at 0.0450 BTC. This level has been identified as a critical target that could determine Ethereum’s next significant move. A bullish breakout above this resistance could trigger a rally, potentially pushing Ethereum higher.
However, until this level is breached, the market remains in observation. Traders closely watch this resistance, as a breakout could indicate a stronger bullish trend for Ethereum in the medium term.
Price targets for Ethereum remain under close surveillance. If Ethereum successfully breaks the current resistance, the next target could be $2,750. Beyond this level, $3,550 is considered a more ambitious target, suggesting a bullish outlook if market conditions align.
Bitcoin Dips Below $63K: Dogecoin and Ethereum StruggleConversely, $2,400 is highlighted as a critical support level, where bulls must defend to prevent further downside. The intraday chart has shown significant volatility, reflecting uncertainty as traders react to various factors. This volatility emphasizes the need for caution, with analysts recommending waiting for clear market signals before committing to new trades.
VeLLa, another analyst on the X platform, believes that Ethereum (ETH) is currently undervalued. According to VeLLa, Ethereum has reclaimed its previous range lows and is now experiencing some consolidation.
However, the analyst anticipates a minor pullback, targeting the $2,477-$2,433 range before Ethereum potentially expands. This bid zone is highlighted as a strategic entry point for those looking to capitalize on the expected upward momentum. VeLLa’s analysis contributes to cautious optimism about Ethereum as traders monitor these levels for potential buying opportunities.
At the time of publication, the price of Ethereum was $2,543.86, reflecting a 3.25% increase in the last 24 hours despite a 3.41% decline over the past week.
