Ethereum’s valuation appears to be on the cusp of a pivotal movement as it trades comfortably above the $2,250 mark. The leading altcoin is now facing resistances at the $2,340 and $2,380 thresholds, and a breakout above these barriers could signal the start of a significant upward trajectory.
The cryptocurrency has been grappling with upward momentum as it hovers around the $2,350 region. Despite these challenges, ETH remains buoyed above $2,300 and is supported by the 100-hourly Simple Moving Average—a bullish sign for investors and traders alike.
The hourly chart for ETH/USD reveals an emerging pattern: a short-term rising channel with the upper limit near the same troublesome $2,350 resistance. A decisive climb beyond this region could very well set the stage for a rally.
Indeed, Ethereum is demonstrating signs of readiness for an upturn, sustaining its position above $2,300 and the 100-hourly Simple Moving Average. It has successfully surmounted the 61.8% Fib retracement level of the recent diminution from the swing high of $2,334 down to the swing low of $2,282, instilling a renewed sense of optimism among market participants.
An examination of potential resistances discloses that an initial hurdle lies near the $2,325 mark or the 76.4% Fib retracement level. If Ethereum thrusts past it, the $2,350 resistance will be the next test. Should this resistance be shattered, the price may soar, possibly testing the $2,380 level—and should bullish fervor remain undiminished, the price could make a push for the $2,450 mark. A stride above this could then propel Ethereum towards the $2,500 milestone.
Conversely, if Ethereum is unable to breach the $2,350 resistance, it might be faced with another downturn. The initial support resides close to the $2,280 level, aligning with the channel trend line. Failing to hold this could render the $2,240 zone the next line of defense. A further slip below this might direct Ethereum towards the $2,180 threshold, with the major support level lying at $2,120. Escalating losses could ultimately drive the price down to the $2,040 territory.
Current technical indicators suggest a tapering of momentum, with the Hourly MACD losing steam in the bearish zone and the Hourly RSI now just above the neutral 50 mark, suggesting a balance between buying and selling pressures. Despite this hesitation, Ethereum’s fate seems contingent upon its ability to conquer the $2,350 level—a breakthrough that could potentially open the gates to further gains.
