Summary
- An analysis found that Ethereum’s future trend will depend on whether it can break above the $2,400 resistance level.
- The outlet said a daily close above $2,400 could open the way to the next target at $2,800.
- If the breakout fails, downward pressure could intensify, raising the possibility of a drop toward $1,800.
Forecast Trend Report by Period
Ethereum’s next move may hinge on whether it can break through resistance at $2,400, according to an analysis by crypto outlet CryptoPotato.
CryptoPotato reported on April 27 that ETH was trading around $2,300 and had tested the $2,400 resistance level four times over the past six weeks.
The zone is considered a key resistance area, where the upper boundary of a descending channel overlaps with the 100-day moving average.
A daily close above $2,400 could open the way to a next target of $2,800, the outlet said.
If the breakout fails, downward pressure could intensify, with ETH potentially falling toward $1,800.
The market is watching whether Ethereum can clear $2,400 as a key signal for a short-term trend reversal.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
