Ethereum, starting to break $2,450...the final hurdle to escape the long-term sideways trend.

▲ Ethereum (ETH)

Ethereum (ETH) is attempting to break through the key resistance level of $2,450, setting the stage for a strong technical breakout towards a new bull market.

According to crypto media outlet NewsBTC on April 23 (local time), Ethereum recently initiated a recovery rally based on the $2,320 support level, successfully reclaiming the $2,350 mark. Currently, Ethereum is trading above the 100-hour simple moving average, maintaining a stable upward trend. On the hourly chart, it broke above a major descending trend line near $2,340, demonstrating that buyers have gained market dominance.

Technical indicators also send positive signals, supporting the possibility of further upside. The Moving Average Convergence Divergence (MACD) is expanding its gains in the bullish zone, and the Relative Strength Index (RSI) is above 50, completely out of the oversold region. The price has broken through the 50% Fibonacci retracement level of $2,375, targeting the psychological resistance of $2,400. This indicates the end of short-term price corrections and the entry into a full-fledged upward trajectory.

The key to the upward rally is whether it can firmly settle in the $2,450 range. Analysts predict that if Ethereum breaks through the resistance barriers of $2,425 and $2,450 successively, it could surge to $2,550 in one go. If strong buying pressure accompanies this, the next price targets could be adjusted upwards to $2,650 and $2,720, signaling the beginning of a full-scale long-term bull cycle. Amid the continued positive trend of Bitcoin (BTC), Ethereum's attempt to break resistance is becoming a driving force invigorating the entire virtual asset market.

Downside support levels are firmly established in the $2,350 and $2,320 range. If the $2,320 support level breaks, a correction to $2,260 could occur, but given the current market structure, abundant waiting buy orders are likely to limit the downside. The $2,200 level acts as a strong downside support for the market, serving as a safety net to prevent a sharp decline. Investors are closely monitoring key indicator movements in this period of increased price volatility.

The Ethereum ecosystem continues its robust growth based on technical stability and investor confidence. Increased network utilization maintains fundamentals at an all-time high, creating a market atmosphere dominated by buyers. Accumulation activity by whale investors is also clearly captured in on-chain data, suggesting an attractive period for long-term investors. Amid the expanding digital asset payment culture, Ethereum is further solidifying its position as a unique store of value.

*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.*