Ethereum ’s price action has recently shown signs of recovery, finding support around $2,350 before embarking on an upward trajectory. Following this uplift, Ethereum surpassed the $2,500 level, which represents a significant psychological and technical barrier, and has since continued to rise. Currently, the digital asset is positioned above the 100-hour Simple Moving Average, indicating a bullish short-term trend.
Key technical indicators suggest a robust bullish momentum, especially after Ethereum managed to break through a critical bearish trend line at the $2,460 level. This breakthrough, combined with the fact that Ethereum has crossed the 50% Fibonacci retracement level from its previous downward movement, is encouraging for traders seeking positive price action. The immediate resistance levels to watch are $2,580 and $2,620; overcoming these would further solidify Ethereum ’s bullish outlook.
As the price advances, the next resistance to monitor lies at $2,650, where a decisive move above this level could see Ethereum making strides towards the $2,720 level. An upward breakout here may pave the way for further gains, with potential targets set near the $2,750 region.
However, should Ethereum fail to breach the $2,620 resistance, it risks entering a downward phase. Initial supports are positioned at $2,520 and more critically at $2,500. A drop below the $2,500 level would likely test the $2,450 level, with additional risk of retreating to $2,320 or even revisiting the key support at $2,350.
In summary, Ethereum appears poised for further upside potential, given it can move decisively past key resistance points. However, traders should remain vigilant as failure to maintain critical support levels could trigger a bearish reversal.
