Ethereum price found support near $2,350 and initiated a fresh increase, entering a bullish phase with the potential to surpass the $2,580 resistance. Recently, Ethereum surged above the $2,500 resistance zone, positioning itself above the $2,500 mark and the 100-hourly Simple Moving Average. A notable break above a key bearish trend line at $2,460 on the ETH/USD hourly chart indicated a positive momentum shift.
Following this, Ethereum price climbed above the $2,420 and $2,450 resistance levels, overcoming the 50% Fibonacci retracement level of the downward move from the $2,583 high to the $2,357 low. Trading above the 76.4% Fib retracement level of the same move, the price now faces hurdles near the $2,580 level, with significant resistance at $2,620 and a main resistance forming around $2,650.
A successful move above these resistance levels could propel Ethereum towards the $2,720 resistance, potentially encouraging further gains. In such a scenario, Ether could aim for the $2,750 resistance zone. However, should Ethereum fail to clear the $2,620 resistance, it may face another decline. Initial downside support is around the $2,520 level, with major support at $2,500. A clear dip below $2,500 could push the price towards $2,450, and additional losses might lead to the $2,320 support level. The next significant support is at $2,350.
Technical indicators show the Hourly MACD for ETH/USD gaining momentum in the bullish zone, while the Hourly RSI for ETH/USD stands above the 50 zone. Major support and resistance levels are marked at $2,450 and $2,620, respectively.
