Charting Ethereum Support And Resistance
Cryptocurrency Ethereum staged a solid rally in the latest week. The second biggest crypto jumped almost 15% in the last five trading days, slamming into near-term resistance at $2,570. This is the first big test for Ethereum. If it can break through this barrier, it will likely surge to $2,800.
However, should Ethereum be rejected at its current resistance of $2,570, it could quickly fall back to $2,290, with further downside to $2,000.
The rally in the last five days came on the back of the Federal Reserve dropping interest rates by 50 basis points and triggering a massive risk-on rally in higher risk assets like crypto. The biggest concern with altcoins is that if the momentum stalls in risk assets, crypto is likely headed lower. However, as of now, it is risk-on. Watch to see if Ethereum can push through this $2,570.
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