Ethereum has initiated a noteworthy rally, successfully surpassing the $2,580 resistance level. Despite this upward momentum, Ethereum ’s price remains significantly behind its all-time high, unlike Bitcoin , which is approaching a historic peak.
The recent surge in Ethereum ’s value can be attributed to its establishment of a solid base above the $2,465 level. Following this, Ethereum pushed past both the $2,550 and $2,580 resistance levels, entering a bullish territory. Currently, the price is approximately 5% higher, reaching above $2,620, with the latest peak sitting at $2,680. However, it is facing difficulty in maintaining the pace set by Bitcoin ’s bullish run. A correction has led Ethereum ’s price below the 23.6% Fibonacci retracement level from the recent low of $2,488 to the high of $2,680.
At present, Ethereum trades above $2,600 and the 100-hour moving average, indicating a bullish trend. A connecting support trend line is forming at the $2,530 level, adding to the positive sentiment. On the upside, Ethereum is encountering resistance near $2,650, with significant hurdles positioned at the $2,680 and $2,720 levels. Should it manage to break through the $2,720 resistance, the price could potentially target the $2,915 area.
Conversely, if Ethereum fails to breach the $2,680 resistance, a downside correction may ensue. Key initial support lies at the $2,600 level, with further significant support zones at $2,560 (identified by the 61.8% Fibonacci retracement level) and $2,530. A decisive drop below $2,600 could see the price retreat toward $2,550 or even $2,450.
Technical indicators suggest a robust bullish sentiment, with the MACD gaining traction in the positive zone and the RSI firmly above the neutral threshold. The current landscape indicates that Ethereum remains on the cusp of potential growth, given the right conditions.
