Ethereum’s price has initiated a fresh upward movement, surpassing the $2,420 resistance level. ETH came close to touching $2,500 and is currently consolidating its gains. The cryptocurrency began its rise from the $2,320 resistance level, and the price is now trading above $2,400, along with the 100-hourly Simple Moving Average. There is a bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD, indicating potential further gains if the pair can clear the $2,480 resistance level.
Ethereum’s price has surged over 8%, standing out from Bitcoin’s performance. The digital currency managed to break through the $2,350 and $2,420 resistance levels. Following a sharp upward move, the price climbed nearly 10%, nearing the $2,500 resistance area. It reached a high of $2,493 and has since been consolidating these gains. A slight dip saw the price drop below the $2,460 mark, testing the 23.6% Fib retracement level from the recent upward move that began at $2,277.
Currently, Ethereum is trading above $2,440 and well above the 100-hourly Simple Moving Average. A bullish trend line is forming with support around $2,385, near the 50% Fib retracement level of the recent upswing from $2,277 to $2,493. However, on the upside, the price is encountering resistance around the $2,480 level. The first significant resistance is at $2,500, with the next key resistance near $2,550.
Should Ethereum manage to break above the $2,550 resistance, it could pave the way for further gains. In such a scenario, Ether could potentially rise towards the $2,650 resistance zone in the near term, with additional hurdles around $2,750 or even $2,800.
Conversely, if Ethereum fails to overcome the $2,480 resistance, a downside correction could ensue. Initial support is located near $2,440, with major support around $2,385 in conjunction with the trend line zone. A decisive move below the $2,385 support could push the price towards $2,320, and further losses might drive the price down to the $2,250 support level. The next crucial support level sits at $2,200.
Technical indicators suggest a mixed outlook: the hourly MACD is losing momentum in the bullish zone, while the hourly RSI remains above 50. Major support is identified at $2,385, with significant resistance at $2,500.
