Ethereum has embarked on a notable upward trajectory, successfully breaking through the $2,500 resistance level. Currently, the cryptocurrency is gaining momentum, trading above $2,600, and appears poised for further increases.
The price began to rally from the $2,400 level, consistently trading above $2,550 and the 100-hour Simple Moving Average. There is a significant bullish trend line establishing support around $2,550, according to hourly charts for ETH/usd . To maintain the upward trend, the price must surmount the immediate resistance level at $2,650.
Ethereum ’s value has increased by more than 5% in recent days, reinforcing its position above both the $2,450 and $2,500 resistance levels. The bulls have demonstrated strength by pushing prices beyond these points, with recent movements indicating a breakout above the 76.4% Fibonacci retracement level associated with the recent price action. This positive momentum has seen ETH trading above the prior swing high of $2,633.
As the cryptocurrency continues its bullish run, it currently trades above $2,635, supported by the previously mentioned trend line at $2,550. However, there are challenges ahead as the price approaches the $2,650 level, which is aligned with the 1.236 Fibonacci extension of the recent downturn. If Ethereum can break through $2,720, it may pave the way for gains reaching up to $2,800, with subsequent hurdles at $2,880 and $2,920.
Conversely, if Ethereum is unable to breach the $2,650 resistance, there may be a correction in price. In this scenario, initial support levels are expected near $2,590, followed by the critical support zone around $2,550. Should the price dip below this level, further declines could lead to testing the $2,525 and $2,450 support levels, with further risks extending to around $2,320. Technical indicators currently reflect bullish prospects, underscoring the potential for continued positive movement.
