Ethereum is poised for a potential rise similar to Bitcoin , with a critical resistance level around $2,665. Achieving this level may pave the way for further upward movement, leading to new price highs in the near future. Currently, Ethereum trades above $2,620 and better positioned above the 100-hour Simple Moving Average, indicating a generally bullish trend.
Having identified support near the $2,550 level, Ethereum has initiated a rebound, securing levels above $2,600. While the ascent has not been as pronounced as Bitcoin ’s, ETH managed to surpass the 50% Fibonacci retracement of its recent downturn from a high of $2,700 to a low of $2,554. More importantly, a significant breakout occurred beyond the bearish trend line resistance situated at $2,625 on the hourly chart.
As Ethereum hovers above $2,620, it encounters resistance near the $2,665 mark, which aligns with the 76.4% Fibonacci retracement level from the aforementioned recent downturn. The immediate resistance following this level lies near $2,700, with additional resistance around $2,720. A decisive breakthrough above $2,720 could fuel further gains, potentially propelling the price toward the $2,780 region, with subsequent hurdles at $2,850 and $2,880.
Conversely, should Ethereum struggle to overcome the $2,665 resistance, there’s a risk of another downward shift. Initial downside support is identified at $2,600 and along the 100-hourly Simple Moving Average. If the price were to breach the $2,550 support barrier, it could delve toward $2,525, and further declines could lead to the $2,480 support level, with the next significant support at $2,440.
Technical momentum indicators reveal a waning bullish sentiment, as the MACD shows decreased momentum while the RSI dips below the neutral 50 level, suggesting potential volatility ahead.
