Ethereum Breaks $2,550: Analysts Eye $10K as Technicals and Fundamentals Align
- Ethereums price has surged past $2,550, with technical indicators suggesting potential for further gains.
- Analysts predict a possible rise to $10,000, supported by bullish fractal patterns and strong on-chain fundamentals.
Ethereum (ETH) has experienced a significant price surge, breaking through the $2,550 resistance level. This started a comfortable 44% price increase in the last three days, a pointer to an upcoming bullish trend. Ethereum is currently in a consolidation phase at $2,550, with a bullish trend line providing support at $2,480.
Technical Indicators are Pointers to Continued Bullish Trend
Ethereum technical analysis reveals that its price action reflects its fractal pattern observed in previous market season.The RSI for ETH on the daily chart is currently hovering around 77, indicating an overbought moment and solid buying momentum, although a price correction incident is a possibility.
Another momentum oscillator, the MACD, recently printed a bullish crossover above the zero line, reinforcing the strength of current buying pressure. This crossover typically signals a trend reversal or continuation of an uptrendgiven the market sentiment, both scenarios are now leaning in ETHs favour.
Ethereum has broken above its 50-day and 200-day moving averagesboth critical gauges of mediumand long-term trend health. Last week, ETH reclaimed its 200-day MA for nearly $2,600 and has since used it as dynamic support. Although the asset now trades below its 50-day MA at $2,730, a potential bullish response could trigger it to $2,850.
A golden crossthe point at which the 50-day MA crosses above the 200-day MAhas not yet occurred, but if current trends persist, that pattern could form within the month.
Ethereums support zone lies at $2,450, or $2,480 which are other key levels that serve as resistance before its latest breakout. If it fails to triumph these levels, any move below will make the next support level at $2,430.
On the resistance side, ETH faces friction around $2850, or $2,980 and the psychological barrier of $3,000. A daily close above $3,000 could trigger a sharp upside toward $3,250, last seen during the April 2024 local top. The $3,500 mark looms next as a significant resistance level from the previous cycle.
Volume has also picked up alongside price action, signalling conviction among buyers. This is crucial, as rising prices on declining volume often suggest weak trendssomething not observed in the current ETH setup.
Analysts Predict Potential Rise to $10,000
Based on historical fractal patterns and technical indicators, several analysts are projecting a potential rise in Ethereums price to $10,000. Fractal analysis suggests that Ethereums current price action resembles previous cycles that led to substantial price increases.Crypto analyst MilkyBull showed a possible Ethereum uptrend chart to 10k via his X handle.
Moreover,, the upcoming Pectra upgrade,aims to improve scalability and efficiency, and will increase investors interest, resulting in a further price appreciation.
Meanwhile, other macroeconomic conditions will influence its growth in areas such as cooling inflation and potential interest rate cuts. These actions will attract institutional investors and also expand the Ethereum ecosystem.
Ethereums technical posture is as constructive as it has been since early 2024. With RSI in healthy bullish territory, MACD confirming upside pressure, and key moving averages providing dynamic support, ETH appears positioned to testand potentially breakthe $3,000 barrier soon.
However, traders should remain vigilant around the $2,850$2,720 support zone in case of a pullback. Overall, ETHs improving on-chain metrics, network upgrades, and strong chart signals suggest that bulls may retain control in the coming weeks.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
