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Has Ethereum’s Bullish Breakout Hit a Roadblock at the Supply Zone?
Ethereum (ETH) has been making headlines recently with its impressive price surge. The asset has breached the $2.8k resistance, leaving many in the crypto community wondering what might be next for ETH. However, a closer look at the market charts suggests that the bullish breakout may have hit a roadblock at a critical supply zone.
As Ethereum managed to climb above the $2.7k-$2.8k resistance, many were anticipating an even more significant price increase. In fact, some reports suggested that investors could be looking forward to a move past the $3k mark in the near future. Nonetheless, it appears that the upward momentum has slowed down significantly.
This slowdown raises questions about the potential reversal of this upward trend and whether Ethereum’s bullish breakout will continue or come to an end at the supply zone from February. It is worth noting that the asset retested the $2,774-level as support before climbing past $2,800, which could be seen as a bullish signal.
On the other hand, some analysts believe that this upward movement may not yet be over. In fact, with Bitcoin (BTC) pushing towards $110k and buying pressure on the rise according to its OBV, it is possible that Ethereum’s price will follow suit.
It remains to be seen whether Ethereum’s bullish breakout has truly hit a roadblock or if there are still factors at play that would allow for further growth.
Source: ambcrypto.com
