The price of Ethereum is currently on an upward trajectory, having surpassed the $2,650 resistance level. Market analysts suggest that further gains could materialize if the cryptocurrency successfully breaks through the $2,750 and $2,780 resistance zones, potentially aiming for $2,850 in the process.
Ethereum has maintained a favorable position above the $2,580 and $2,620 levels, solidifying its status in the positive territory. With prices trading above $2,650 and aligned with the 100-hourly Simple Moving Average, there is a bullish trend line in place, which offers support around the $2,680 level on the hourly chart. This trend line coincides with the 50% Fibonacci retracement level, reinforcing the upward momentum.
Recently, Ethereum managed to clear the $2,700 level and reached a peak of $2,765, where it is currently consolidating its gains. Although a slight decline below the $2,740 level was observed, the price remains above the 23.6% Fibonacci retracement level derived from the earlier swing low of $2,576 to the $2,765 high. The resilience above these crucial levels indicates potential for continued upward movement.
However, the price faces significant resistance near the $2,750 and $2,765 levels. A decisive break above $2,765 could open the doors for further gains towards $2,840, while subsequent moves above this landmark might lead to a target range of $2,880 and potentially $2,920 or $2,950 thereafter.
Conversely, if Ethereum fails to overcome the $2,750 resistance, it could initiate a downward correction. Initial support is identified at $2,720, with stronger support levels found around $2,680 and the bullish trend line. Should the price decline below these levels, it may test $2,650 and $2,620, with a critical support level at $2,550 in the near horizon. Overall, Ethereum ’s trajectory remains contingent on its ability to navigate these resistance and support thresholds effectively.
