Ethereum’s price has commenced a notable rise, breaking past the $2,550 resistance level and showing potential to surpass the $2,750 mark. This increase positions ETH as a stronger performer compared to Bitcoin.
Ethereum’s price stability near the $2,520 support zone provided a foundation for its subsequent ascent beyond the $2,600 level. Surging by over 8%, ETH outpaced Bitcoin, even breaking through the $2,650 resistance. The price saw a spike, surpassing $2,720, and reached a high of $2,748 before settling into a phase of gains consolidation.
A bullish trend line is emerging on the hourly ETH/USD chart, offering support around $2,695. This trend line aligns closely with the 23.6% Fibonacci retracement level of the upward movement from a $2,518 low to the $2,748 high. Ethereum is currently trading above $2,650 and maintaining its position above the 100-hourly Simple Moving Average. On another upward push, the price might encounter resistance near the $2,720 level.
The most significant resistance stands at $2,750. If ETH can close above this level, it might propel the price toward the $2,880 resistance, with subsequent critical resistance at $2,920. An upward breach above the $2,920 resistance could drive the price closer to the $3,000 zone shortly.
However, if Ethereum fails to clear the $2,750 resistance, a downward correction could ensue. Initial support on this downside lies near $2,700, aligning with the trend line. The primary support is situated around the $2,640 zone, corresponding to the 50% Fibonacci retracement level of the recent upward move.
A decisive move below the $2,640 support could push the price toward $2,580, with further losses potentially driving it to the $2,520 support level. The following crucial support is noted at $2,450.
Technically, the hourly MACD for ETH/USD is losing momentum within the bullish zone, while the hourly RSI is positioned above the 50-mark, indicating continued bullish sentiment. Major support is established at $2,695, with significant resistance clearly marked at $2,750.
