Ethereum gained 2.89% in the past 24 hours to trade at $2,636 on Tuesday morning, recovering steadily after dropping to $2,500 on May 23. The recent rebound has helped ETH outperform other top 10 cryptocurrencies in daily performance, bringing it back to a familiar resistance zone.
The 200-day Simple Moving Average, now set at $2,699, remains a significant technical barrier. Ethereum has not closed above this level since May 13, making it a key focus for traders. A strong move beyond it could indicate renewed bullish strength and open the door to $3,000.
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Technical Analysis Highlights Critical Levels Ahead
Ethereum is now sitting above support levels, such as the True Market Mean at $2,400 and the Realized Price at $1,900. Since the breakeven point for most holders has been reached, the market is usually more confident.
Even so, the Average Price is still lower than the current Realized Price of $2,900. This statistic helps determine the average cost to purchase coins in active use and is still essential as a resistance level. A rise above this resistance might point to a trend change and support a rally in the near future.
Glassnode has found that the $2,800 area contains many bitcoins bought by earlier investors. When prices get close to this mark, investors hoping to exit before making a loss may try to sell their shares. A spike in selling pressure could halt ETH’s rally just shy of the $3,000 mark.
Market Awaits Economic Data as Price Test Approaches
With Ethereum close to important factors on charts, analysts are paying attention to upcoming key economic data. The stock market’s direction could be shaped by how the Core PCE index, which the Fed prefers to monitor, is released on Friday. A change in risk attitude could cause Ethereum’s price to change without delay.
Ethereum is about to enter a crucial stage, as measured by tech resistance and investor optimism. Leaving the $2,699 level behind could lead to $3,000, though resistance at $2,800 and other market forces might decide the running route.
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