Ethereum: $2,100 Resistance Test Ahead, Analyst Bullish
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Crypto analyst Ben Gray suggests a bullish outlook for the Ethereum price, pointing to a target price range for the leading altcoin. However, Ethereum is currently bumping up against significant resistance at $2,100, a crucial level it must overcome to reach new peaks.
Ethereum Price Encounters Stiff Resistance at $2,100
In a recent TradingView analysis, Ben Gray highlighted that while Ethereum is aiming for new highs, it’s currently facing a critical resistance point around $2,160. Despite this hurdle, Gray maintains a bullish stance on the ETH market. He observed that the price is currently moving between $2,044 and $2,080, but notes indicators suggesting that Ethereum has likely established a price bottom.
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Analyzing the 4-hour candlestick chart, Gray explained that Ethereum’s price is making an attempt to push through resistance, specifically identifying $2,160 as the key level to watch. Looking ahead to 2025, his analysis paints an optimistic picture for ETH, projecting a potential price range between $2,904 and $4,887. It’s worth noting that this range would place the altcoin below its existing all-time high (ATH).
Gray further pointed out Ethereum’s strong positive momentum throughout the week. Moving forward, he emphasized that the critical factor for Ethereum’s direction, in both the short and medium term, hinges on its ability to decisively break through the $2,160 resistance level, which will be instrumental in shaping the altcoin’s future path.
Another crypto analyst, Ali Martinez, has also recently flagged $2,300 as an important resistance level to monitor for Ethereum. He noted that following ETH’s reclaim of the $2,040 mark, the next significant obstacle is this $2,300 level, where pricing indicators suggest considerable resistance.
Reasons Behind ETH Bottoming Out
In a post on X, Titan of Crypto articulated his view that the Ethereum price is showing signs of reaching a bottom. He explained that a bullish crossover in the Weekly Stochastic RSI within oversold territory – a pattern historically associated with market bottoms for ETH – has emerged. His accompanying chart suggests that the leading altcoin potentially has the momentum to rally towards $6,000 as it initiates a bullish reversal.
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Similarly, crypto analyst Crypto Caesar has also indicated that Ethereum’s price is currently in the process of bottoming out and considers ETH to be “significantly undervalued.” He elaborated that bull cycles often include periods where many believe an altcoin will never recover following a substantial bearish event. However, Ethereum’s history shows a pattern of recovery, consistently reaching new highs afterward. Therefore, this analyst anticipates history repeating itself, and that ETH is poised for a bullish turnaround.
As of now, the Ethereum price is hovering around $2,022, reflecting a decrease of nearly 2% over the past 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
