Ethereum (ETH), meanwhile, is continuing to build on impressive fundamentals, and is up slightly as the weekend begins. Given its recent price action, we could see ETH strength test the $2,500 resistance area. ETH has gone up 4.33% in the past 24 hours, per CoinStats. As of writing, the price still struggles around the $2,448 resistance. Technical analysis shows there’s no real momentum right now from buyers or sellers.
On the daily chart, Ethereum price is still stuck in the daily trading range set yesterday. This consolidation suggests a period of equilibrium. Average True Range (ATR) is well above average, suggesting a decreased chance of large price moves ahead of the Sunday debut.
A close weekly at about these levels or better would be an indication of continued bullish conviction. Such a bullish scenario would raise the likelihood of ETH testing the $2,500–$2,600 resistance area in the short term. An emphatic breakout above $2,533 will be a key confirmation for Ethereum bulls.
Such a development, should Ether reclaim above $2,533 would likely signal the start of a midterm Ethereum rally. Seemingly, the crypto has formed a local resistance at $2,448 concurrently on the hourly chart. Investors and traders are eyeing these levels as potential buy/sell signals.
