On the Daily TF, ETH was trading in a pattern and on 29th July, it gave a strong breakout from its resistance after forming a kind of formation. Currently, it is sustaining above all its major and minor DEMA's. Also, the short term trend is turning as its 50 and 100-DEMA is giving a crossover.
Daily is not indicating overbought conditions yet which suggest that the current rally can continue in the coming days also. On-Chain data is also showing a positive structure, as per the Santiment(On-chain data insights provider), unique active addresses on the Ethereum network has surpassed BTC address activity.
Key levels to watch out for:
The nearest support is present at $2400 followed by $2250 as its 50 and 100-DEMA is also present at this level. If it closes below this level, selling pressure is most likely to continue till the level of $2K
The immediate resistance is present at $2650, if it decisively breaks this level, the next major resistance is $2850 followed by $3100.