Ethereum price is trading below the crucial resistance-turn-support level of 2,500 after holding steady above that level since the beginning of the new month. Over the past two week, the second-largest cryptocurrency has surged by about 43.35%. In comparison, Bitcoin has risen by 30.85% over the same timeframe.
Since Sunday, a profit-taking mode has swept over the crypto industry. Over the past three consecutive sessions, Bitcoin price has dropped by 9.74%. In comparison, Ethereum price has fallen by 7.81%. Despite its recent rally, the crypto is still 43.39% lower than the record high it hit in mid-May.
Ahead of the London hard fork scheduled for 4th August, investors are keen on whether the recent price movements are a bull run or bull trap. Thursday’s software upgrade is expected to boost the crypto’s prices. However, with high volatility being a key characteristic of cryptocurrencies, it will be interesting to see if the subsequent surge will be short-lived.
ETHUSD technical outlook
Ethereum price is on a decline after surging in the previous session. At the time of writing, it was down by 4.73% at 2,484.65. On a two-hour chart, it is trading below the 25 and 50-day EMAs. In the near term, I expect the crypto to seesaw around 2,500. Subsequently, it is likely to rebound to 2,554.98 along the 25-day EMA. Above that level, the next targets will probably be at the psychological level of 2,600 and Sunday’s high of 2,702.04. However, this thesis will be invalidated by a move below 2,400.