Ethereum’s price recently found solid support around the $2,350 mark, initiating a fresh upward movement. This surge has propelled ETH beyond the $2,500 threshold, and it now trades above the 100-hour Simple Moving Average. This revival was marked by overcoming the earlier resistance levels at $2,420 and $2,450, creating a more positive market sentiment.
A significant development came when Ethereum broke past a crucial bearish trend line at the $2,460 resistance on the hourly chart. This key breakout was reinforced by the price moving above the 50% Fibonacci retracement level, measured from the previous high of $2,583 to the recent low of $2,357. This indicates that the digital asset has regained a favorable position within its trading range.
Currently, Ethereum is trading above the 76.4% Fibonacci retracement level of its most recent decline, reinforcing its upward trajectory. However, the $2,580 level is emerging as a notable barrier for further gains. The next significant resistance point is positioned at $2,620, followed by a more formidable obstacle at $2,650. Should Ethereum manage to clear these levels decisively, it may aim for the $2,720 resistance mark, potentially opening the door to further upward movement.
Conversely, if Ethereum fails to overcome the $2,620 resistance, it could face another downturn. Initial support lies around the $2,520 level, with the next major support zone at $2,500. A breakdown below this level might push the price toward $2,450, and further losses could drive it near the $2,320 support area. The next major support benchmark would then be around $2,350.
Technical indicators present a mixed yet cautiously optimistic picture. The hourly MACD for ETH/USD shows increasing momentum within the bullish zone, while the RSI currently sits above the 50 level, indicating a slightly bullish bias. Major support is observed at $2,450, and key resistance stands at $2,620. As the market continues to evolve, Ethereum’s price action in the short term will likely hinge on its ability to surpass the identified resistance levels and sustain its upward momentum.
