Ethereum’s price saw a significant surge past the $2,650 resistance, but it is now undergoing a correction. Currently, ETH is trading above $2,600 and remains above its 100-hourly Simple Moving Average, suggesting a bullish outlook. A key trend line is emerging with support at $2,600 on the hourly chart, indicating that the cryptocurrency may find strong bids near this level.
In recent performance, Ethereum managed to surpass the resistance levels of $2,550 and $2,650. The bullish momentum even pushed the price above $2,680, testing the $2,700 zone, where a peak formed at $2,701. A subsequent correction saw ETH drop below the $2,650 mark, aligning with a 23.6% Fib retracement of the recent upward move from the $2,528 low to the $2,701 high.
Although Ethereum is trading comfortably above $2,600 now, it is encountering resistance at the $2,650 level. The first significant resistance is spotted near $2,680, with the next key barrier at $2,700. If ETH manages to break through the $2,700 resistance, it could see further gains, potentially reaching the $2,780 resistance zone, with subsequent hurdles near $2,840 or $2,880.
Should Ethereum fail to surpass the $2,650 resistance, a decline is possible. Initial support on the downside appears near $2,615, with significant support around the $2,600 zone aligning with the trend line. A decisive move below $2,600 could push the price towards $2,550, and further losses might drive ETH down to the $2,525 level. The next crucial support could be found near $2,450.
Technical indicators for the pair suggest caution; the hourly MACD is gaining momentum in the bearish zone, and the RSI has dipped below the 50 mark, indicating potential bearish pressure. Overall, $2,600 serves as a major support level, while $2,650 stands as the key resistance to watch in the near term.
