Ethereum's Rollercoaster Ride: Key Levels Determine Next Big Move

Ethereum, the second-largest cryptocurrency by market capitalization, has been on a rollercoaster ride in recent days, with its price surging and then correcting, leaving investors and traders on the edge of their seats. The key support levels have emerged as crucial determinants of Ethereum's next big move, as the cryptocurrency finds itself at a crossroads.

Ethereum's price increased by nearly 10% in the last 24 hours, breaking out of a stagnation phase and surging above the $2,400 mark. The cryptocurrency gained significant momentum, reaching a peak above $2,500. However, a toning catch remains in the resistance zone between $2,500 and $2,550, leaving traders and investors eagerly awaiting confirmation of Ethereum's continued ascent or a potential reversal into another correction.

Ethereum's strong recovery from recent lows is evident in its price action. The cryptocurrency dipped below $2,200 recently, but sturdy buying support came in near the $2,080 mark, preventing further declines. The price then rebounded sharply, climbing through key resistance levels at $2,200, $2,320, and $2,350. A technical indicator supporting this recovery is the break above a key bearish trend line between $2,240, which appeared to be resistance. This breakout on the hourly ETH/USD chart, fed through Kraken, provided Ethereum with the needed boost to cross above the $2,500 mark. The price has since performed a slight correction after peaking at $2,550.

The outlook on Ethereum's price movement depends on major support and resistance zones. The breakout levels will determine the next trend for the cryptocurrency. Key resistance levels to watch include $2,500, $2,520, $2,550, $2,650, and the higher targets of $2,780 to $2,850. On the downside, support levels to monitor are $2,400, $2,360, $2,320, and the last stands at $2,220 to $2,080.

Several factors are influencing Ethereum's