Ethereum is currently stabilizing its position above the critical $2,550 level, suggesting potential for further gains. The cryptocurrency has successfully broken through the $2,600 and $2,620 resistance points, reaching a temporary peak beyond $2,650 before experiencing a pullback. As it stands, the price is comfortably trading above $2,600 and remains supported by the 100-hour Simple Moving Average.
A notable bullish trend line is forming, providing additional support near the $2,610 level on the hourly ETH/usd chart. This trend line signifies that if Ethereum can overcome various resistance levels, further upward momentum could be anticipated. The next significant hurdles for the price are identified around $2,650 and $2,680. Breaking through the $2,650 level may propel Ethereum closer to the next target of $2,680, with the potential for escalation towards the $2,750 vicinity if bullish sentiment persists.
However, should Ethereum struggle to breach the $2,650 resistance, the price may begin to retrace. Support levels are initially evident near $2,610, followed by stronger support at $2,575. If the price were to drop below $2,575, it could lead to a further decline towards the $2,550 level, with deeper corrections possibly pushing it down to the $2,475 area. The next critical support cushion lies around $2,450.
In terms of technical indicators, the hourly MACD for Ethereum has shown signs of losing momentum, even as it remains within the bullish territory. Meanwhile, the RSI is holding above the 50 level, reflecting prevailing positive sentiment. Overall, the path ahead for Ethereum appears contingent on how it navigates these resistance levels in the short term.
