Ethereum (ETH) Approaches Critical $2,700 Resistance Level, Will the Altcoin Market See Gains?

Ethereum (ETH) is at a critical juncture as it approaches the $2,700 resistance level. This level could determine whether the altcoin market will see gains.

Ethereum (ETH) price faced strong resistance at the $2,700 level, hindering further gains in the altcoin market. After recovering from a sharp sell-off, ETH attempted to break through this resistance, which could have led to a rally toward the $3,000 to $3,200 range.

However, at the time of writing, Ethereum was trading at $2,633.90, showing a price decrease of 2.71%. This price drop halted the momentum needed to push past the resistance level.

From its recent high, ETH price dropped significantly, reaching a low of $2,145.29 before recovering and retesting the resistance.

This resistance test was highlighted by Michaël van de Poppe, who noted that it is typical market behavior and that bullish momentum could continue even with a dip to the $2,500-$2,550 range.

“#Ethereum did have a test at resistance, and couldn't break through it.

That's actually quite normal.

Even a test at $2,500-2,550 would still be valid for bullish continuation.

Breakout above $2,700 and the next target is $3,000-3,200 and #Altcoins to do well.”

According to van de Poppe, if ETH breaks above $2,700, it could reach the $3,000-$3,200 range, which would likely benefit the altcoin market.

Market Sentiment and Technical Indicators

The price of Ethereum decreased by 2.71% over the past 24 hours, bringing its current price to $2,633.90. The world’s second-largest cryptocurrency by market cap also experienced a decrease in market cap, which currently stands at $317.10 billion, according to CoinMarketCap.

The market sentiment for ETH appears to be bearish in the short term, as selling pressure continues to drive down the price. After dropping to around $2,620, ETH price began to recover from the lower support levels.

A technical analysis of the 1-hour chart for Ethereum reveals several key indicators. The MACD line is positioned above the signal line, indicating bullish crossover momentum. Despite this, the MACD histogram shows declining bullish strength, which raises concerns about a potential slowdown in the bull run.

The RSI indicator is at 56.49, which is just above the neutral 50 level. This indicates that ETH is neither overbought nor oversold at the moment.

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