- Ethereum has swept its 2024 low, signaling a potential bullish reversal.
- The CME futures gap between $2,430 and $2,270 has been filled, adding to the bullish outlook.
- A key resistance at $2,400 could determine Ethereum’s next major move.
- Breaking above $2,400 may pave the way for a rally toward $3,000.
Ethereum appears to have found its bottom, potentially setting the stage for a strong bullish reversal. Titan Of Crypto, a well-known market observer, highlighted that Ethereum has swept its 2024 low on the perpetual daily chart, touching a crucial point of interest that could trigger a rebound. This move has sparked optimism among traders, hinting at a possible shift in momentum.
At the time of writing, Ethereum is trading at $2,238.86, reflecting a 2.77% price increase in the past 24 hours. The second-largest cryptocurrency boasts a 24-hour trading volume of $23.60 billion and a market cap of $269.79 billion. With recent price movements suggesting a recovery.
Ethereum’s CME Futures Gap Filled, What’s Next?
One of the strongest technical signals supporting ETH’s potential rebound is the CME futures gap. According to the analyst, the 4-hour gap between $2,430 and $2,270 has now been filled, a key event that has historically played a significant role in ETH’s price movements. This completion adds to the bullish case for Ethereum’s potential upside.
Traders are closely monitoring two unfilled gaps above the current price: one between $2,540 and $2,620, and another between $2,900 and $3,310. Historically, ETH tends to fill these gaps over time, making these price ranges potential upside targets in the coming weeks. If momentum builds, ETH could be on track for further gains.
Ethereum Faces a Critical Resistance at $2,400
While Ethereum shows signs of strength, a significant resistance barrier at $2,400 could determine its next major move. According to on-chain data, 2.41 million investors hold over 62.68 million ETH at this level, creating a strong supply zone. Breaking above this resistance could be the key to unlocking ETH’s next rally.
A successful breakout beyond $2,400 would likely clear the path for a surge toward $3,000, a level that aligns with the next major CME gap. However, if ETH fails to push past this resistance, it may face short-term consolidation or a potential pullback before attempting another breakout.
Will Ethereum Surge to $3,000?
Ethereum’s price action suggests that the market is at a critical turning point. With the 2024 low swept, the CME futures gap filled, and resistance at $2,400 in focus, the next few days could be decisive for ETH’s trajectory. If bulls manage to break past this key resistance, ETH could gain momentum and rally toward $3,000.
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