Ethereum, the second-largest cryptocurrency by market cap, has recently witnessed a buoyant uplift in its value, breaking through the $2,400 threshold with a positive outlook that could signify further advances toward the $2,550 benchmark.
Investors and traders within the digital currency space watched as Ethereum managed to sustain its bullish course beyond the $2,380 region. The digital asset, widely recognized for its smart contract functionality, is notably trading above the pivotal $2,350 mark, in addition to the 100-hourly Simple Moving Average – a technical indicator often eyed by market analysts for discerning price trends.
Technical patterns on the chart also unveil a key bullish trend line providing support in the vicinity of the $2,400 zone on the ETH/USD hourly chart, data of which is supplied via the Kraken exchange. This indicates that while Ethereum could potentially experience a mild retreat, the support around the $2,400 level is expected to galvanize the bulls, maintaining the currency’s upward trajectory.
The momentum behind Ethereum’s price not only witnessed a surge past the $2,350 resistance level but also a leap over the formidable $2,400 landmark, momentarily brushing against the $2,450 resistance before carving out a peak at approximately $2,449. Since then, the cryptocurrency has been in a phase of consolidation, retaining its value above the 23.6% Fib retracement level, a mathematical point derived from the recent price swing from a low of $2,353 to the high near $2,449.
Further reinforcing this trend are the signals beyond the $2,350 level and the steadfastness above the 100-hourly Simple Moving Average. The presence of the aforementioned bullish trend line coincides with the 50% Fib retracement level from the same price movement, cementing a solid foundation for Ethereum’s market value.
Looking ahead, Ethereum faces a challenging resistance near $2,450, which if surpassed, may set the stage for an encounter with the $2,500 level, and potentially, a climb toward the $2,550 resistance. Should the buying pressure not lose steam, projections indicate a possible trajectory that could propel the value beyond the $2,620 hurdle, and from there, possibly even towards the $2,700 echelon.
Conversely, should Ethereum fail to puncture the $2,450 resistance ceiling, it could invoke a corrective dip. Support lies in wait near the $2,425 level with additional fortifications at the $2,400 boundary, which includes the critical trend line. A decisive downturn below this support could channel Ethereum to a lower safeguard near $2,375, and should the sell-off intensify, the $2,350 marker would serve as the primary bulwark. A slip beyond these defenses may send Ethereum tumbling toward the lower ground of $2,240.
In the domain of technical indicators, the Hourly MACD for ETH/USD shows a waning bullish momentum, while the Hourly RSI indicates the asset is positioned above the median 50 level. Key levels to watch include major support at $2,375 and formidable resistance at $2,450.
