Ethereum Retreats as It Challenges the $2,700 Barrier

Ethereum (ETH) Current Statistics

The current price: $2,613.04
Market Capitalization: $314,555,317,727
Trading Volume: $14,260,845,099
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 26, 2024

Ethereum’s (ETH) price has started the second leg of its rising trend as it challenges the $2,700 barrier. In the first rally, Ether reached a high of $2,708 before retreating. The cryptocurrency’s price retested the barrier level twice before declining. Ether trades above the moving average lines as it approaches the target price of $3,000.

On the upside, the altcoin will encounter resistance near $2,800. However, if it breaks above the resistance, Ether will achieve the psychological price of $3,000.00. Ether will have to trade below the $2,800 resistance level if the altcoin is rejected at the $2,800 high. The current value of Ether is $2,598.

ETH Technical Indicators Reading

Ether has maintained its positive trend, retracing above the moving average lines. The bullish momentum will prevail as the price bars remain above the moving average lines. The downtrend will start when the price falls below the moving average lines. On the 4-hour chart, the price bars are between the moving average lines, indicating a likely range-bound move for the coin.

Conclusion

Ethereum has regained positive momentum, however, the upward movement has paused as it challenges the $2,700 barrier. The upward movement has stopped above the $2,500 support as bulls seek to break through the resistance at $2,700. In other words, Ether trades inside a limited range of $2500 to $2,700. The bullish trend will begin once the $2,700 barrier level is broken. The crypto signal is encouraging as Ether trades in the bullish trend zone.

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