Ethereum is showing resilience despite market volatility, bouncing back from recent lows. The cryptocurrency is currently trading above $2,400 after retracing over 10% in recent sessions. This rebound comes amid heightened market uncertainty, sparked by rising tensions between Elon Musk and US President Donald Trump.
According to analyst M-Log1, ETH is currently near the 200-period moving average on the 4-hour chart, a crucial technical level. Reclaiming this level could spark renewed bullish momentum. M-Log1's analysis suggests a potential recovery towards the $2,600 zone, especially if bulls push above the 50 and 100 moving averages.
The market is closely watching Ethereum's price action as it attempts to recover lost ground. The coming weeks are shaping up to be decisive for altcoins, with many investors watching for signs of recovery. If ETH maintains support and builds momentum, the altcoin market could experience renewed bullish energy.