Ethereum has shown notable progress, recently surpassing the $2,550 resistance level and is currently positioned around $2,680. There are indications that the cryptocurrency could continue to rise, particularly if it successfully breaks through the resistance at $2,720.
The recent upward movement began when Ethereum broke past the $2,450 barrier. Following this, it exceeded the $2,500 and $2,550 levels, mirroring Bitcoin ’s upward trajectory above the $58,000 mark. Ethereum reached a peak near $2,722, and while it is currently consolidating, it remains above significant technical support levels, including the 100-hour Simple Moving Average (SMA) and a vital bullish trend line that holds support around $2,550.
Looking ahead, Ethereum faces some resistance at the $2,700 mark, with its first significant hurdle at $2,720. A successful close above this level could facilitate a rally towards the $2,800 range. If momentum continues, a further breakout above the $2,865 resistance could potentially push prices closer to the $3,000 mark in the near future.
However, should Ethereum struggle to breach the $2,720 resistance, a corrective phase may ensue. Key support levels to watch include approximately $2,620, with critical support located at the $2,550 range. If the price moves below this, it could test further support around $2,450 and possibly even decline towards the $2,320 or $2,250 levels.
From a technical perspective, the momentum indicators are bullish, suggesting strength in the upward trend, especially with the MACD showing positive momentum and the RSI indicating a position above 50.
