Ethereum has embarked on a new upward trajectory, surpassing the formidable $2,720 resistance mark. This surge has propelled ETH above $2,750, and it continues to trade robustly, now approaching the critical $3,000 barrier.
In its latest rally, Ethereum has shown its mettle by climbing past not just the $2,720 threshold but also the $2,750 mark, putting it firmly in positive territory. The cryptocurrency recently soared above $2,850, outshining Bitcoin in recent sessions, and posted gains exceeding 10%. This surge took ETH beyond $2,920, reaching a peak at $2,955, and there are indications that the upward momentum is far from over. The price is well above the 23.6% Fibonacci retracement level, which runs from the $2,355 low to the $2,955 high.
Currently, Ethereum is trading above $2,800 and maintaining a position above the 100-hourly Simple Moving Average. Adding to the optimistic outlook, a new bullish trend line has developed, providing support around the $2,820 range on the ETH/USD hourly chart.
Despite this bullish trend, the price faces resistance around the $2,920 level. The first significant hurdle is near $2,950, with the primary resistance forming around $3,000. A successful break above this key $3,000 resistance could propel Ethereum toward the $3,120 mark.
If Ethereum manages an upward break past $3,120, further gains could be on the horizon, potentially driving the price to the $3,250 resistance zone.
However, the rally might face setbacks if Ethereum fails to overcome the $2,950 resistance. In such a scenario, a downward correction could ensue, with initial support near $2,850. The first major support lies at $2,820, aligned with the trend line. A clear dip below $2,820 could see the price tumbling back to $2,720, and any further decline might revert it to the $2,650 support level. The next crucial support would be around $2,550.
Technical indicators bolster this analysis: the hourly MACD for ETH/USD is gaining traction in the bullish zone, while the hourly RSI for ETH/USD stands above the 50 mark. Major support levels to watch are $2,820, with critical resistance positioned at $2,950.
