According to Coingabbar Technical Analysis, Ethereum (ETH) is gaining momentum above the $2,350 resistance zone, marking a 5.80% surge.
ETH exhibits outperformance against Bitcoin, breaking free from the overhead trendline.
Examining the 4-hour chart, Ethereum validates the presence of an inverse head and shoulders pattern, a positive indicator for a bullish trend.
Shifting to the daily chart, it is evident that ETH is securing support along the lower trendline of an ascending parallel channel, emphasizing the continuation of a robust trend.
Despite a bullish outlook, buyers may face resistance around the $2,400 level.
Crucially, maintaining the $2,300 support is key; sustained support could propel ETH toward resistance levels at $2,500 and $2,550.
KEY LEVELS :
RESISTANCE LEVEL : $2,405-$2,445
SUPPORT LEVEL : $2,335-$2,290
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
