Ethereum has shown a notable upward trend, crossing the $2,550 resistance level. Currently, the cryptocurrency is gaining momentum and is likely to challenge the critical resistance levels of $2,650 and $2,680 in the near future.
The recent price movement indicates that Ethereum has moved past key resistance levels at $2,520 and $2,550, with trading now situated above $2,580 and the 100-hourly Simple Moving Average. A significant bullish trend line has also formed, offering support near the $2,535 level on the hourly chart for ETH/usd .
After an impressive rise above $2,600 and $2,620, the price touched above $2,650 but experienced a slight pullback. This correction saw the price descend below the $2,640 level, briefly testing support around $2,540. A low was recorded at $2,538, but Ethereum has regained its upward trajectory, climbing above $2,580 and surpassing the 50% Fibonacci retracement level of the downtrend from $2,684 to $2,538.
Despite strong moves, Ethereum faces challenges near the $2,630 level. The critical resistance level is now identified at $2,650, which corresponds to the 76.4% Fibonacci retracement of the recent downward movement. If Ethereum can decisively surpass this level, there is potential for further gains, pushing the price closer to the $2,680 resistance.
However, if Ethereum is unable to break through the $2,650 resistance, a decline may ensue. Initial support lies at the $2,600 level, with a more significant support level at $2,535. Should the price drop below the $2,500 support, it could decline toward $2,450 or even $2,400. The upcoming key support level is positioned at approximately $2,350.
Overall, technical indicators suggest positive momentum with the MACD indicating bullish strength and the RSI remaining above the neutral 50 level.
