Ethereum has embarked on a notable ascent, breaking past the $2,500 level and continuing to gain momentum. Currently, the cryptocurrency has appreciated by over 5%, showing promise to maintain its upward trajectory, particularly if it successfully surpasses the $2,650 resistance level.
The digital asset initially established a stable base above the $2,400 level, leading to a fresh rally. Ethereum has effectively cleared the critical resistance points of $2,450 and $2,500, positioning itself within a favorable trading environment, even outperforming Bitcoin . Following this, the price surged past the $2,600 barrier, culminating in a high of around $2,650. Presently, Ethereum ’s price is consolidating above the significant 23.6% Fibonacci retracement level, supporting a bullish outlook.
As Ethereum ’s price remains above $2,550 and the 100-hourly Simple Moving Average, a key bullish trend line has formed, offering additional support near $2,520. Looking ahead, the price encounters resistance near $2,640, with the first major obstacle lying at $2,650. A decisive breakthrough above this level could propel Ethereum towards $2,720, with the possibility of further gains extending toward the $2,800 resistance zone.
However, if Ethereum struggles to breach the $2,650 barrier, it may prompt a retracement. Initial support can be found around the $2,600 level, with significant support positioned at $2,520, which coincides with a crucial trend line and the 61.8% Fibonacci retracement level. A decline past $2,520 could result in further losses, potentially dragging the price down to $2,450 and possibly even to the $2,400 support level.
Technical indicators suggest that momentum is waning in the bullish zone, though the Relative Strength Index remains above the neutral line, indicating ongoing interest in purchasing. As the market navigates these pivotal levels, Ethereum ’s price action remains closely watched for potential future movements.
