Ethereum’s price has surged past the $2,550 resistance zone, showing strong upward momentum. Currently consolidating around $2,680, the cryptocurrency looks poised to challenge the $2,750 mark.
The recent rally began after Ethereum nudged above the $2,450 and $2,550 thresholds. At this juncture, the price sits comfortably over $2,550, buoyed by the 100-hourly Simple Moving Average. A key bullish trend line has emerged, providing support at the $2,550 level on the hourly chart of ETH/USD, as observed from Kraken’s data feed.
If Ethereum can surpass the $2,720 resistance zone, it could continue its upward climb.
Ethereum demonstrated a steady rise beyond the $2,450 resistance plateau, subsequently breaching the $2,500 and $2,550 resistance points in a manner reminiscent of Bitcoin’s surge past $58,000. The cryptocurrency even exceeded the $2,650 resistance, but its gains were not as extensive as Bitcoin’s. It reached a peak around $2,722 and has since entered a consolidation phase. This period of stabilization keeps Ethereum above the 23.6% Fib retracement level of its climb from a $2,311 low to the $2,722 high.
Currently, Ethereum trades above $2,550, supported by the 100-hourly Simple Moving Average. A prominent bullish trend line, also in proximity to this moving average and the 50% Fib retracement level, provides additional support.
On the horizon, Ethereum faces resistance around the $2,700 level, with the first significant barrier at $2,720. Should Ethereum close above this level, it could advance further to the $2,800 resistance. Beyond that, the next critical resistance is at $2,865. A breakthrough above $2,865 could propel Ethereum toward the $3,000 resistance zone soon.
Should Ethereum fail to break the $2,720 resistance, a downward correction might ensue. Initial support on the downside lies near $2,620, with the first major support around the $2,550 range. A decisive move below $2,550 could push Ethereum’s price towards $2,450. Further losses might drive the price down to the $2,320 support level, with the next key support set at $2,250.
Technical indicators suggest that the hourly MACD for ETH/USD is gaining in the bullish zone, while the hourly RSI for ETH/USD hovers above the 50-mark, indicating ongoing bullish momentum. Major support rests at $2,550, with major resistance facing key levels at $2,720.
