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Ethereum Holds Support at $2,087: Can It Rally to $6,000?

Author: Content Editor
The current price of Ethereum (ETH) is around $2,475.79, with support and resistance levels guiding traders. Technical indicators and analyst insights suggest potential buying and selling zones based on ETH price action near the lower Bollinger Bands. The 20-day simple moving average (SMA) acts as resistance at $2,567.92, while the lower Bollinger Band at $2,403.53 serves as support. The upper Bollinger Band at $2,732.31 will be a target if bullish pressure is sustained. The relative strength index (RSI) indicates weak bearish momentum, although not enough to reach oversold conditions. Analyst Ali Martinez believes that ETH has a risk-reward chart pattern that will eventually reach $6,000, setting a stop-loss below $1,880. Another analyst, KriptoBaykusV2, points out that 79.92% of ETH addresses are in profit, which may lead to selling pressure around resistance levels. Support is found between $2,087 and $2,311, while resistance is expected near the $2,459-$2,531 range. If ETH reaches the higher range, some investors may sell to minimize losses, adding further resistance. Short-term traders have a buy area of $2,087-$2,311 and a profit-taking level of $2,531, while long-term investors could consider an entry level at $2,087.

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