Ethereum Faces $2,160 Resistance, Analysts Predict Bullish Reversal

Ethereum, the leading altcoin, is currently facing a significant resistance level at $2,100. According to crypto analyst Ben Gray, this level is crucial for Ethereum to break through in order to reach new highs. Gray's analysis, shared on a trading platform, indicates that Ethereum is currently fluctuating between $2,044 and $2,080, with signs of forming a bottom. He predicts that Ethereum could rally to new highs, with a key resistance level at $2,160. Gray's optimism extends to 2025, with an expected price range for Ethereum between $2,904 and $4,887, although this range is below its current all-time high.

Gray also noted that Ethereum has shown strong and positive performance this week. The focus now is on whether Ethereum can break through the $2,160 resistance level, which will be crucial in determining the altcoin’s trajectory in the short and mid-term. Another analyst, Ali Martinez, highlighted the $2,300 level as another resistance level to watch out for. Martinez noted that with Ethereum reclaiming $2,040, the next key hurdle is the $2,300 level, where pricing bands suggest strong resistance.

Other analysts have also weighed in on Ethereum's price movements. Titan of Crypto, in an X post, stated that Ethereum is showing signs of bottoming out. He revealed that the weekly Stochastic RSI bullish crossover in oversold territory has often signaled market bottoms for Ethereum. His accompanying chart showed that Ethereum could rally to as high as $6,000 as it records a bullish reversal. Crypto Caesar also stated that Ethereum is currently bottoming out and 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 Ethereum is ready to stage a bullish reversal.

At the time of writing, Ethereum is trading at around $2,022, down almost 2% in the last 24 hours. The current price movements and analyst predictions suggest that Ethereum is poised for a bullish reversal, with key resistance levels at $2,160 and $2,300. The altcoin's ability to break through these levels will be crucial in determining its trajectory in the short and mid-term. Analysts' forecasts for Ethereum's price range in 2025 vary, with some predicting a range between $2,904 and $4,887, while others suggest a potential rally to as high as $6,000. However, these forecasts are based on current market conditions and may change as the market evolves.