Ethereum price rises to $2.400 after breakout from compression

Ethereum is surging after breaking out of a prolonged price compression. At the time of writing, the price stands at $2.400, up 2.8% over the past 24 hours. Analyst DaanCrypto compares the move to a similar pattern from last year and sees $2.100 as the new support level that bulls must hold. Resistance now sits at $2.400, where the weekly 200-day moving average and EMA also converge.

Ethereum is available at OKX and Bybit.

In short:

• Ethereum breaks out of a compression phase and rises to $2.400
• Analyst DaanCrypto sees $2.100 as a crucial support level for further upward movement
• The weekly 200MA and 200EMA at $2.400 form the next serious resistance

Breakout after months of compression

Ethereum showed a compressed price for a long time without a clear direction. After recovering above $1.750, the price picked up, a move that DaanCrypto compares to a similar pattern seen earlier, which then served as the starting point for a further rise.

According to the analyst, reclaiming the $1.750 level was the strength signal the market needed. The weekly chart shows that the price has risen significantly since then, with a weekly candle that is more than 26% in the green at the time of publication.

$2.400 as the key zone for the next step

DaanCrypto indicates that $2.100 is the new level buyers must defend to keep the uptrend intact. As long as the price remains above that level, he considers the structure positive.

According to him, the zone around $2.400 is the next major hurdle. Both the weekly 200-day moving average and the weekly 200-day EMA are located there, two technical levels that can historically act as strong resistance. To set a new higher high on the weekly chart, Ethereum must convincingly break through that zone. Meanwhile, Ethereum is also making negative headlines, due to a theft of 1,010 ETH via an expired Tornado Cash domain.