Ethereum is trading around $2,350, showing signs of a potential breakout as it approaches the $2,400 resistance level. The cryptocurrency has gained 14% this month, with technical indicators suggesting a bullish reversal. The daily chart reveals Ethereum pressing against the $2.4K resistance for the third time, supported by a strong RSI above 50, indicating buyer momentum. On the 4-hour chart, Ethereum briefly dipped below its ascending channel but quickly rebounded, forming a bear trap that strengthens the bullish outlook. The exchange reserve for Ethereum has dropped to a new low of 14.5 million ETH, indicating a tightening supply as holders withdraw coins from exchanges. This on-chain data, combined with technical patterns, suggests a higher probability of Ethereum breaking above $2,400, potentially targeting $2,500.
Ethereum Eyes $2,500 as Price Gains 14% in April
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