Ethereum Faces Resistance At $2530: Can It Hit $2700 This week?

Ethereum (ETH) is following the market-wide rebound, registering healthy gains over the last few days. The asset is currently facing some resistance at around $2530. Ethereum (ETH) last traded at $2500 on February 1 of this year. CoinGecko data shows that ETH’s price has risen by 32.4% int he last week, 33.9% in the 14-day charts, and 33.1% over the previous month. Let’s discuss if ETH can hit $2700 this week.

What’s Pushing Ethereum To $2500 And Can It Hit $2700 This Week?

Ethereum’s (ETH) rally comes amid a larger market-wide resurgence. Bitcoin (BTC) has reclaimed the $80,000 price level and other assets are following BTC’s lead. The market rally was triggered after President Donald Trump’s White House cryptocurrency event. Trump invited CEOs and founders of several platforms and companies to further push his administration’s pro-crypto stance. Trump also stated that the US was planning to purchase a large amount of Bitcoin (BTC) and other cryptocurrencies. The statement has likely led to surge in investor sentiment. Ethereum (ETH) was quick to follow BTC’s lead in the rally that followed.

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