Ethereum 'Stretches' with Attempt to Break $2,400... Will it also 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, the last technical watershed that will determine the recapture of the $3,000 mark.

Crypto media outlet U.Today reported on April 23 (local time) that Ethereum has put its recent decline behind it and is forming a short-term uptrend based on consistent buying pressure. Currently, Ethereum is trading in the $2,400 range, showing a stable trend where dip-buying flows in whenever the price drops. While 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. This moving average has acted as a strong resistance level throughout the long-term bear market, repeatedly thwarting Ethereum's attempts to rebound. Currently, Ethereum is once again targeting the 100-day exponential moving average, and decisively breaking through and settling above this level is the most crucial technical task for determining its future price trajectory.

If Ethereum successfully breaks through the 100-day exponential moving average, it will enter a sustainable recovery phase, moving beyond a mere technical rebound. In such a scenario, the path to reaching the $3,000 mark, passing through $2,700, will open up. However, if it fails to overcome the resistance, the current movement is likely to remain a temporary rebound within a larger downtrend.

Currently, the market's supply and demand situation is relatively positive. Ethereum's trend line 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. Ancillary indicators, including the Relative Strength Index (RSI), are on an upward trend but have not yet entered the overbought zone, leaving sufficient room for further gains.

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

*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.*