ETH may make a new high this year as buyers return to the market.
Key Support levels: $2,500
Key Resistance levels: $2,720, $3,000
Ethereum rallied hard in the past 24 hours, booking an impressive 8% price increase. The current target for this impulse is $2,700, which is also the highest from January. Should sellers return, Ethereum has good support at $2,500.
If bulls break above $2,700, then Ethereum might continue on its way to making a new high this year and place it on a clear path toward $3,000, which is the next major target. The momentum indicators also favor a continuation of this price action.
The ongoing rally has moved the daily RSI above 70 points. While this shows that buyers dominate, it also signals that the price could experience a pullback in the near future. Watch the key resistance levels, as they could bring sellers back.
Ethereum is showing a lot of strength, and a break above $2,700 would encourage buyers to push towards $3,000 before any major correction.
