Ethereum Rebounds 6% Ahead of White House Crypto Summit
1min read Ethereum (ETH) has seen a notable recovery in the past 24 hours, gaining nearly 6% and pushing its price back above $2,200 after a brief dip near $2,000. This rebound comes as investors anticipate potential market-moving developments from the upcoming White House Crypto Summit.
Key indicators such as the Relative Strength Index (RSI) and Directional Movement Index (DMI) suggest that Ethereum is at a pivotal point. The RSI is currently at 48.9, reflecting a neutral stance after significant fluctuations in recent days. Two days ago, RSI reached 67.6, approaching overbought territory, before dropping to 36.1 yesterday, signaling a brief period of stronger selling pressure. The current RSI level near 50 indicates that Ethereum is neither strongly overbought nor oversold, positioning it at a key inflection point where the next move could define short-term direction.
The DMI shows that the Average Directional Index (ADX) is currently at 31.3, maintaining a level around 30 for the last two days. An ADX above 25 typically indicates a strong trend, and with the indicator holding steady above this threshold, it confirms that Ethereum is in a well-defined trend. At the same time, the +DI has risen to 18.6 from 11.8 yesterday, while the -DI has dropped from 33 to 26.6. This shift suggests that bearish momentum is weakening while bullish pressure is slowly increasing. However, since the -DI remains above the +DI, Ethereum is still in a downtrend, though signs of potential stabilization or trend reversal are emerging.
If bullish pressure continues to build, Ethereum could break above key resistance levels, potentially aiming for $3,000 in the coming weeks. A strong uptrend could even propel Ethereum above $3,000 for the first time in over a month, with the possibility of reaching $3,442 if bullish momentum continues. However, Ethereum remains at risk of further downside if bearish momentum returns. A renewed sell-off could bring ETH back to the $2,077 support level, and if this zone fails to hold, Ethereum price could drop below $2,000 once again.
