Are Bulls Ready to Drive Ethereum (ETH) to $2,500?

• Ethereum currently trades at $2,463.82 with a 2.13% daily increase.
• A $Neiro trader missed a 16,690x potential return after selling early.

Ethereum is currently trading at $2,463.82, marking a 2.13% increase over the past day. Despite this upward momentum, trading volumes decreased by 16.84%, reflecting a drop to $12.53 billion. Ethereum’s market cap now sits at $296.6 billion, contributing to the broader crypto market’s recent recovery.

A trader bought 8.41 billion $Neiro tokens for just 0.32 ETH ($1,000). He sold all the tokens for 9.98 ETH, making $32.4K, a 30x return on investment. However, had he held onto those tokens, they would now be worth $17.5 million, delivering an astonishing 16,690x return.

In contrast to the bullish sentiment around Ethereum’s price, the Ethereum spot ETF recorded a net outflow of $97,100. Although small, this reflects cautious investor sentiment. ETFs offer more secure exposure to Ethereum, yet the market remains mixed as traders balance short-term market movements with long-term gains. Continuous outflows may weigh on Ethereum’s price, but overall market conditions remain largely positive.

Ethereum (ETH) in the Current Market

From a technical perspective, Ethereum shows potential for more upside. The price is currently near resistance at $2,500, as seen from the recent candlestick patterns. If this resistance is breached, the next significant level is around $2,550. However, failure to break higher could push prices back to support at $2,420.

Key moving averages, such as the 9-day simple moving average (SMA), stand at $2,421.34, indicating short-term strength. The recent crossover of the 9-day and 21-day moving averages suggests a slight bullish momentum.

The RSI is at 49.31, indicating that Ethereum is in a neutral zone, neither overbought nor oversold. However, the RSI’s 14-day average of 45.63 implies some bearishness lingering in the market. A move above 50 in the RSI could signal further price gains.

Ethereum’s price action shows both potential for upside and cautionary signals, depending on key resistance and support levels, ETF sentiment, and overall market conditions.

Source