Ethereum has initiated a notable uptrend, surpassing the $2,720 resistance level. This bullish movement has seen ETH climb over 10%, bringing it closer to the significant $3,000 level.
Following its positive trajectory, Ethereum has managed to maintain trading above $2,750 and has positioned itself above the 100-hourly Simple Moving Average. Additionally, a new bullish trend line has surfaced, providing support at around $2,820 on the hourly ETH/usd chart. With this technical setup, there is a possibility for further gains should Ethereum successfully break through the $2,950 barrier.
The upward movement began as Ethereum ’s price exceeded $2,650, paralleling trends observed in Bitcoin . The asset quickly ascended past the $2,720 and $2,750 resistance levels, entering a robust positive territory. In recent trading sessions, it surpassed the $2,850 level, achieving a peak of $2,955. Notably, this increase occurred while Ethereum remained significantly above the 23.6% Fibonacci retracement level from the recent swing low of $2,355 to its recent high.
As the price moved beyond $2,800, it has encountered some resistance near the $2,920 level. The primary challenge lies at the $2,950 level, with the critical resistance forming around $3,000. A decisive breakthrough above $3,000 could pave the way for a potential rise toward the $3,120 resistance. Following that, a sustained rally could see Ethereum target the $3,250 level.
However, if Ethereum fails to clear the $2,950 resistance, it may trigger a corrective phase. Immediate downside support is located around $2,850, while the first major support level appears near the $2,820 area, coinciding with the trend line. A significant drop below this support could lead to declines towards $2,720, with further losses possibly reaching down to the $2,650 support level. The next notable support is positioned at $2,550.
Technical indicators are reflecting a bullish sentiment, with the hourly MACD gaining momentum and the RSI remaining above the neutral 50 level.
