In a significant market upswing, Ethereum’s price soared beyond the $2,100 threshold, powering through to exceed the $2,200 mark. The momentum behind the world’s second-largest cryptocurrency by market capitalization does not seem to be waning, as indicators suggest a potential climb above the $2,220 echelon.
The momentum of Ethereum has been overwhelmingly bullish as it toppled the $2,200 resistance with ease. Currently, its market stance is one of strength, trading firmly above $2,150 and resting comfortably atop the 100-hourly Simple Moving Average. Chart patterns further reveal the presence of an ascending bullish trend line, offering a base of support around $2,190 on the ETH/USD hourly chart, as recorded by Kraken.
The Ethereum price surge of 5% comes on the heels of a staunchly bullish market period that took root once Ethereum found solid footing above the $2,000 benchmark. An ensuing bullish thrust shattered the $2,120 resistance barrier; Ethereum mirrored Bitcoin’s momentum beyond $40,000, signaling a compelling market sentiment.
As the price ascends to new multi-month apexes, cresting near $2,229, Ethereum now appears to be in a consolidation phase, assessing its next move. This phase sees the digital currency floating above the 23.6% Fibonacci retracement level, tracing the advance from the pivotal $2,147 low to the recent zenith at $2,229. Furthermore, an affirmative trend line continues to form, reinforcing support around $2,190 as indicated on the hourly chart.
Ethereum’s current vantage point surpasses the $2,180 mark, with continued support from the 100-hourly Simple Moving Average. While it challenges the overhead resistance at $2,220, further bullish territories await. Upon breach of the initial barrier, the virtual currency eyes the $2,250 landmark, with a subsequent target at $2,320. Should Ethereum vault above this level, trajectory patterns suggest an ambitious rally towards the $2,450 mark.
A successive triumph at the $2,320 level might briskly impel a stride towards the $2,650 figure, and potentially further, to a $2,800 peak.
The sustainability of the current uptrend could be called into question if Ethereum stumbles at the $2,220 resistance. A downside regression might find a cushion at $2,190 along the bullish trend line. A pivotal support zone lingers at $2,165, corresponding to the 76.4% Fibonacci retracement level of the latest upsurge. Should the bears outpace the bulls, breaking below the solid $2,120 support, a more pronounced decline could ensue, with the critical sustenance threshold hinging at $2,050—a descent beyond which could tilt the scales towards the $2,000 proximity in the short term.
Prominent technical indicators such as the Hourly MACD champion the bullish narrative, flaunting an uptick in the positive zone. The Hourly RSI, currently above the neutral 50 mark, reaffirms the constructive outlook.
Key levels to observe include a prime support level at $2,165 and a significant resistance hurdle at $2,220, contours that will likely shape Ethereum’s market trajectory in the immediate term.
