Ethereum Ascends over $2,600, Eyeing $2,650 Breakthrough for Bullish Surge

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Ethereum is consolidating its gains above the $2,550 resistance level, hinting at further upward momentum if it manages to break through the $2,650 resistance zone. Recently, Ethereum initiated a fresh surge, breaking past the resistance levels of $2,550 and $2,580. As of now, it trades above $2,600 and the 100-hourly Simple Moving Average, indicating strong bullish trends.

A notable feature in Ethereum’s technical chart is a connecting bullish trend line with support near $2,610 on the ETH/USD hourly chart. Should the cryptocurrency clear the $2,650 and $2,680 resistance levels, a continued rally appears probable.


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The resilient price action of Ethereum is evident as it maintains stability above the $2,550 pivot, mimicking Bitcoin’s recent performance. Overcoming the $2,600 and $2,620 resistance levels, Ethereum even briefly ascended past $2,650 before a minor correction. The renewed upward trajectory has the price trading above the $2,600 mark, driven by bullish sentiment.

Analysis of the Ethereum chart highlights the clearing of the 50% Fibonacci retracement level between the $2,685 high and the $2,538 low. The aforementioned bullish trend line, coupled with the 100-hourly Simple Moving Average, provides strong support.

Currently, Ethereum encounters resistance near the $2,635 mark and faces its first major challenge at $2,650, which correlates with the 76.4% Fibonacci retracement level from the recent downswing. A decisive break above $2,650 would likely propel the price toward the $2,680 resistance. Such a breakthrough could set the stage for Ethereum to target the $2,750 resistance zone shortly, with subsequent potential hurdles at $2,880 or even $2,920.

Conversely, failure to surpass the $2,650 resistance could trigger another downward movement. Initial support on the downside lies around $2,610 and the trend line, with the first major support positioned near the $2,575 zone. A clear dip below $2,575 might push Ethereum’s price down to $2,550, and further losses could see it declining toward the $2,475 support level, with an additional key support at $2,450.

Technical indicators provide a mixed outlook. The hourly MACD for ETH/USD is losing momentum within the bullish zone, while the hourly RSI stands above the neutral 50 level. Major support is noted at $2,575, with significant resistance at $2,650.