Ethereum has recently initiated a significant upward trajectory, breaking through the $2,420 resistance level. The cryptocurrency traded near the $2,500 level and is currently in a consolidation phase, signaling potential for further increases.
Starting from a solid foundation at the $2,320 resistance, Ethereum ’s price has climbed above $2,400 and maintains support from the 100-hour Simple Moving Average. Additionally, a bullish trend line is forming, providing support at approximately $2,385, according to the latest data. For further bullish momentum, Ethereum must overcome the $2,480 resistance in the near term.
The price of Ethereum has surged by more than 8%, signaling strong market support. It has notably outperformed Bitcoin , clearing key resistance levels at $2,350 and $2,420. Following a dramatic increase, Ethereum approached the $2,500 resistance zone, reaching a peak at $2,493. Although there was a brief pullback below $2,460, the price found footing at the 23.6% Fibonacci retracement level, corresponding to its rise from a low of $2,277 to the recent high.
Currently, Ethereum is trading above $2,440 and the 100-hourly Simple Moving Average. The aforementioned trend line near $2,385 also aligns with the 50% Fibonacci retracement level, suggesting strong technical support. However, the cryptocurrency faces obstacles at the $2,480 level, with the next significant resistance at $2,500. A successful break above $2,550 could lead to even greater gains, potentially pushing prices toward the $2,650 and $2,750 levels.
In contrast, should Ethereum struggle to overcome the $2,480 resistance, a correction may unfold. The initial support is identified at $2,440, with stronger support levels positioned at $2,385 and $2,320. A decisive drop below $2,385 could direct the price toward the $2,250 support level, while the $2,200 level remains critical in the event of further declines.
As Ethereum navigates these levels, technical indicators show a weakening bullish momentum, with the MACD losing strength, while the Relative Strength Index remains comfortably above neutral territory.
