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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.
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.
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.