Ethereum has entered a phase of positive momentum, breaking through the $2,550 resistance level and showing signs of further gains. Following Bitcoin ’s upward trend, Ethereum has begun to stabilize above the $2,600 level, which is a notable shift in its market dynamics. The cryptocurrency’s recent surge has been characterized by a steady increase, with price movements indicating a potential continuation if key resistance levels are surpassed.
Currently, Ethereum is trading above the 100-hour Simple Moving Average, reinforcing its bullish stance. The formation of a connecting bullish trend line suggests support around the $2,520 level on the hourly ETH/usd chart. Despite recent gains exceeding 5% and reaching a peak of $2,630, Ethereum is navigating through challenging resistance levels. As it approaches $2,630, the next significant resistance is identified around $2,650, while a critical barrier at $2,720 may define future price movements.
If Ethereum can surpass the $2,720 resistance, it could pave the way for a target near $2,880. Even more remarkably, a breakthrough beyond $2,880 may set the stage for a rally toward $2,950. However, market participants should prepare for the potential of a downside correction if resistance levels remain unbroken. Initial support is expected around $2,595, with a more substantial level appearing at $2,550, which aligns with the 50% Fibonacci retracement of recent upward movements.
Should prices dip below $2,550, Ethereum might find itself testing the $2,520 support, and more substantial losses could lead to a decline toward $2,450, followed by a critical support level at $2,320. Overall, the outlook for Ethereum ’s price remains cautiously optimistic, contingent upon its ability to navigate and break through key resistance areas.
