Ethereum has launched a new upward trend, surpassing the $2,335 resistance barrier and setting its sights on further gains above the $2,420 level. This fresh move follows a brief period of consolidation around the $2,280 level, characteristic of a broad market recovery similar to Bitcoin ’s recent performance.
The price is currently trading above $2,350 and is positioned above the 100-hourly Simple Moving Average, indicating a bullish momentum. A significant trend line has been established, with support positioned around $2,310 on the hourly chart for ETH/usd . For Ethereum to extend its upward trajectory, it is crucial to break through the resistance of $2,420, which currently poses the first significant hurdle.
In recent sessions, Ethereum formed a solid base near the $2,280 level and began gaining ground, overcoming resistance levels at $2,320 and $2,350. Notably, while Bitcoin recorded a gain of over 5%, Ethereum ’s climb has been slightly less vigorous, yet it has successfully surpassed the 76.4% Fibonacci retracement level derived from its previous decline from $2,392 to $2,277. If Ethereum manages to breach the $2,420 resistance, the next targets will be the $2,450 and $2,550 resistance levels, potentially allowing for further increases toward the $2,650 range.
Conversely, if Ethereum encounters resistance at $2,420, it may face a retracement, with initial support around $2,365. A breakdown below this point could bring the price down to the $2,310 support level and the trend line, with further losses potentially leading to $2,280 or even $2,220 in the near term.
Technical indicators reflect a strengthening bullish sentiment, with the MACD showing positive momentum and the RSI remaining above the 50 level, suggesting that further upside is still plausible should the market conditions remain favorable.
