Ethereum is poised for a fresh surge, mirroring Bitcoin’s trajectory, as it targets levels above $2,665. Currently, the price of ETH stands above $2,620, supported by the 100-hourly Simple Moving Average (SMA).
This upward momentum follows the price breaking past a bearish trend line resistance at $2,625, as indicated by the hourly chart of ETH/USD. However, for Ethereum to sustain this upward movement and set a new high in the short term, it is crucial for the price to stay above the $2,600 support level.
After finding solid support around $2,550, Ethereum initiated this new ascent. Clearing the $2,600 resistance was a significant milestone, albeit the progression has been slower compared to Bitcoin. The price managed to climb above the 50% Fibonacci retracement level, calculated from the $2,700 swing high to the $2,554 low. This progression also saw Ethereum breaking above a bearish trend line resistance at $2,625.
Currently, the price hovers above $2,620 and the 100-hourly SMA. However, Ethereum faces near-term resistance around $2,665, paralleling the 76.4% Fibonacci retracement level of the previous downturn from $2,700 to $2,554.
The immediate significant resistance is pegged at $2,700, followed by another crucial barrier at $2,720. An upward break past $2,720 could pave the way for further gains, potentially driving Ether towards the $2,780 resistance zone shortly. Should this upward trend continue, the following hurdles reside around the $2,850 to $2,880 levels.
Conversely, if Ethereum fails to breach the $2,665 resistance, it risks entering another decline phase. The initial support on the downside is around the $2,600 mark, in line with the 100-hourly SMA. The first significant support is at $2,550. A decisive move below this $2,550 support could send the price towards $2,525 and further down to $2,480. The next critical support level is noted at $2,440.
Technical indicators suggest mixed signals. The hourly MACD (Moving Average Convergence Divergence) is losing momentum, indicating potential bullish fatigue. Similarly, the hourly RSI (Relative Strength Index) has dipped below the 50 zone, suggesting a lack of strong bullish momentum.
Major support levels to watch include $2,600 and $2,550, while key resistance levels lie at $2,665 and $2,720.
