Ethereum’s price is extending its gains, pushing above the significant $2,650 resistance. If ETH clears the $2,750 resistance zone, it could continue its rise toward $2,850.
Ethereum has maintained a positive trajectory above the $2,580 and $2,620 resistance levels. Currently, it’s trading comfortably above $2,650 and the 100-hourly Simple Moving Average. A crucial bullish trend line is forming with support near $2,680 on the hourly chart of ETH/USD.
This trend line is crucial as it coincides with the 50% Fibonacci retracement level of the upward move from the $2,576 swing low to the recent high of $2,765. The price of Ethereum cleared the $2,700 level and tested the $2,765 mark before entering a consolidation phase. The peak was marked at $2,765, and a slight decline was noted below the $2,740 level, yet it remains stable above the 23.6% Fibonacci retracement level of the aforementioned upward move.
Ethereum’s price is now maintaining its position above $2,650 and the 100-hourly Simple Moving Average. On the chart, a key bullish trend line is emerging, providing support around $2,680. The upside, however, faces certain obstacles near the $2,750 level, with the first major resistance at $2,765. A definitive move above this point could propel the price toward the $2,840 resistance. Should an upside break above $2,840 occur, it could signal further gains, potentially driving Ether toward the $2,880 and $2,920 resistance zones in the near term.
Conversely, if Ethereum fails to surpass the $2,750 resistance, it could see another decline. Initial support on the downside is around the $2,720 level, with the primary support situated near the $2,680 zone, aligning with the trend line. A clear move below the $2,720 support could push the price further toward $2,650. Any additional losses might drive the price down to the $2,620 support level, with the next key support resting at $2,550.
Technical indicators suggest the Hourly MACD for ETH/USD is gaining momentum in the bullish zone, and the Hourly RSI for ETH/USD is also above the 50 zone. The major support level remains at $2,650, while the significant resistance level is $2,765.