Ethereum has shown resilience in its recent price movement, maintaining gains above the $2,650 level. Currently, the cryptocurrency is consolidating, eyeing a potential breakthrough above the $2,700 resistance level.
Trading data indicates that Ethereum is operating comfortably above the $2,620 level and is positioned above the 100-hourly Simple Moving Average, which suggests a positive trend. Additionally, a short-term triangular formation has been identified, with support established at $2,620 on the hourly chart for ETH/usd . For the upward momentum to persist, it is crucial for Ethereum to remain above the $2,600 support level in the near future.
The upward trend initially pushed Ethereum toward the $2,700 level, but selling pressure appeared, leading to a correction. The asset retraced below $2,640 and dropped under the 50% Fibonacci retracement level derived from the swing low of $2,528 to the recent high of $2,700. Fortunately, buying interest emerged around the $2,600 zone, providing support as the price tested the 61.8% Fibonacci retracement level during its recovery.
As Ethereum ’s price stands above $2,620, it faces challenges near the $2,660 level. The primary resistance is positioned at $2,700, while a break above this point could set the stage for further advances toward the $2,800 range. Subsequent resistance levels can be found at around $2,850 and $2,880.
However, should Ethereum struggle to surpass the $2,680 resistance, the possibility of a downward correction arises. The initial support zone is around $2,620, and if that level is breached, the next significant support could bring prices down to approximately $2,550 or even $2,525, with further support at the $2,450 level.
Technical indicators are painting a largely optimistic picture, as the hourly MACD shows increasing bullish momentum and the RSI has also moved above the neutral 50 level, suggesting potential for further gains should market conditions remain favorable.
