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Crypto analyst Ben Gray has asserted that the Ethereum price is bullish and revealed the price range that the leading altcoin is targeting. However, ETH is set to face major resistance at $2,100, a level which it needs to break out from as it targets new highs.
Ethereum Price Faces Major Resistance At $2,100
In a TradingView post, Ben Gray revealed that the Ethereum price is facing a key resistance level at $2,160 even as it eyes a rally to new highs. Despite this development, the analyst asserted that ETH’s market is bullish. While noting that the leading altcoin is fluctuating between $2,044 and $2,080, he remarked that there are signs that Ethereum initially formed a bottom.
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Based on his analysis of the 4-hour candlestick chart, Gray stated that the Ethereum price is attempting to break through upwards, with the key resistance level at $2,160. He further showed his optimism for ETH in 2025 by stating that the expected range is between $2,904 and $4,887, although that puts the altcoin below its current all-time high (ATH).
Meanwhile, the crypto analyst mentioned that the Ethereum price has shown a strong and positive performance this week. Going forward, he stated that the key focus should be on whether ETH can break through the resistance level of $2,160, which would play a key role in determining the altcoin’s trajectory in the short and mid-term.
Crypto analyst Ali Martinez also recently highlighted the $2,300 level as another resistance level to watch out for the Ethereum price. He noted that with ETH reclaiming $2,040, the next key hurdle is this $2,300 level, where the pricing bands suggest strong resistance.
Why ETH Has Bottomed
In an X post, crypto analyst Titan of Crypto stated that the Ethereum price is showing signs of bottoming. He revealed that the weekly Stochastic RSI bullish crossover is in oversold territory, a development that has often signaled market bottoms for ETH. His accompanying chart showed that the leading altcoin could rally to as high as $6,000 as it records a bullish reversal.
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Crypto analyst Crypto Caesar also stated that the Ethereum price is currently bottoming out and that ETH is “heavily undervalued.” He added that in every bull cycle, there is always a moment when most market participants think that the altcoin will never recover after a big bearish event. However, Ethereum always recovers and ends up making new highs. As such, the analyst believes this time won’t be different, and ETH is ready to stage a bullish reversal.
At the time of writing, the Ethereum price is trading at around $2,022, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com