Ethereum has maintained a steady upward trajectory, currently operating above the $2,580 resistance level. Sustaining this momentum may allow ETH to surge further, particularly if it successfully navigates through the $2,650 resistance threshold.
The cryptocurrency’s price action indicates a robust position, consistently trading above $2,600 along with the 100-hourly Simple Moving Average. A significant bullish trend line has emerged, offering support around the $2,600 level on the ETH/usd hourly chart. With this support in place, the potential for continued upward movement remains strong, particularly if Ethereum can breach the crucial levels of $2,650 and $2,680.
After initially testing the $2,550 support level, Ethereum has been able to rebound, showcasing resilience much like Bitcoin . Following this slight correction, the cryptocurrency’s price surged past the $2,580 and $2,600 resistance levels. Additionally, it has managed to move beyond the 50% Fibonacci retracement of the downward trend from the recent swing high of $2,685 to the low of $2,538. The price has encountered some resistance close to the $2,650 level, which aligns with the 76.4% Fibonacci retracement from the previous high.
The first significant hurdle appears to be around the $2,685 level. A decisive break above this point could propel Ethereum ’s price towards the $2,750 resistance. Should the momentum persist, Ether may potentially target the $2,840 resistance area in the near future, with additional resistance levels at $2,880 and $2,920 also coming into play.
Conversely, if Ethereum fails to surpass the $2,650 resistance level, it risks initiating a downward trend. Key support levels include $2,600 and the prevailing trend line, with initial support near $2,570. A drop below this level could challenge the $2,550 level, and further declines might see the price retreat to $2,480, with additional support situated at $2,420.
Overall, technical indicators suggest a bullish sentiment, with both the MACD and RSI revealing positive momentum for Ethereum .
