TechFlow News, May 5: According to FinanceFeeds, analysts note that Ethereum (ETH) has recently rebounded from the $2,200 support level—a confluence zone aligning with the pre-end-of-March resistance level, the lower Bollinger Band on the daily chart, and the 38.2% Fibonacci retracement level of the upward impulsive wave i. Price is currently approaching the key resistance level at $2,470—the endpoint of the prior upward impulsive wave i.
The report states that, given the strength of the active wave (iii) and the broader three-wave momentum, coupled with the overall bullish sentiment across the crypto market, a breakout above the $2,470 resistance level would likely propel ETH toward the next resistance level at $2,600.
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