Ethereum's Price Hinges on $2,450 Resistance Level

Ethereum's price has been hovering between $1,800 and $2,450 since the early February market crash. The cryptocurrency has attempted to break out of this range multiple times but ultimately failed.

Recently, Ethereum surged 15% from April's lows and sustained the upper half of its local range for the first time in three months. It is now trying to reclaim the crucial $2,400-$2,500 resistance area before potentially climbing to higher levels.

Multiple crypto market observers have noted that Ethereum has been pushing toward a breakout over the past week. The cryptocurrency reached a three-month high of $2,464 last Friday and tested the $2,425 level today.