Ethereum is experiencing a notable uptrend, having surpassed the $2,650 resistance level. The cryptocurrency has gained over 10% and is positioning itself for a potential move beyond the $2,850 level. Currently, Ethereum is trading above $2,700 and has established itself above the 100-hourly Simple Moving Average.
The recent price action indicates a robust upward momentum. Following a rally above the $2,550 resistance, Ethereum continued its bullish trajectory, climbing past key resistance levels, including $2,650 and $2,720. The asset hit a peak at $2,848, displaying sustained strength as it consolidates above the 23.6% Fibonacci retracement level from a recent low of $2,357.
With the formation of a new bullish trend line that has established support at $2,730, Ethereum is well-positioned for further gains. However, challenges may arise near the $2,850 and $2,880 levels, which serve as significant resistance points. Should the price successfully breach these levels, it could pave the way for a rally towards the $3,000 resistance level. An ascent past this level might signal a stronger bullish trend, targeting the $3,250 resistance next.
Conversely, if Ethereum struggles to break through the $2,850 barrier, it could trigger a corrective phase. Initial support is located around the $2,800 level, followed by major support levels at $2,720 and the trend line. A downward move below $2,720 could lead to further declines towards the $2,650 support, with $2,500 serving as the next notable support level, should bearish pressure intensify.
Technical indicators reflect growing bullish momentum, suggesting that the market sentiment remains favorable for Ethereum in the near term.
