Ethereum Takes a Breather After Rally as Traders Eye Key $2.550 Breakout

Ethereum needs to get above $2.550 first

Analyst Ted sees $2.550 as a key level for Ethereum. The price is currently trading around $2.450, not far below that resistance. In his view, a weekly close above $2.550 is needed to enable a fresh strong price move.

If Ethereum manages that, Ted sees room for a further move towards $3.000. From the current price, that would represent a potential gain of more than 22%. His chart shows, however, that ETH still faces resistance along the way. Around $2.800 there is also an important zone where sellers could become active.

The recent performance gives bulls some confidence for now. Ethereum is up 27.40% over seven days. With around 120 million ETH in circulation, the total market capitalisation currently stands at approximately $295.19 billion. Trading volume over the past 24 hours is around $11.91 billion.

Van de Poppe sees interesting zone coming closer

Meanwhile, Michaël van de Poppe is looking at Ethereum’s price against Bitcoin. The ratio is around 0.03116 BTC and is pulling back after ETH previously made a strong move higher.

According to Van de Poppe, an interesting buy-the-dip zone is getting closer. His chart shows a first area to watch around 0.03020 BTC. Below that, the next support zone lies around 0.02868 BTC. On the upside, around 0.03205 BTC and 0.03337 BTC are important levels.

Coming week could determine direction

For Ethereum, the question now is whether the recent rally has enough power to continue. A weekly close above $2.550 would further improve the technical picture and put $3.000 on the table as the next major price target.

If that breakout fails, the chance of a pullback increases. On the weekly chart, there is a clear first support zone around $2.200. Further down, around $1.965 and $1.713 come into view.

After a 27.40% rise in seven days, an interim correction remains a real possibility. The battle around $2.550 therefore becomes key for the next stage of Ethereum’s price.