Ethereum’s price has embarked on a fresh upward trajectory, surpassing the pivotal $2,500 resistance mark. The digital currency is now gaining momentum above the $2,600 level and appears poised for further gains.
The recent movement began with Ethereum clearing the $2,400 resistance zone, significantly strengthening its position. Currently, the cryptocurrency is trading above $2,550 and also stands above the 100-hourly Simple Moving Average. A notable bullish trend line has formed, providing support at approximately $2,550 on the hourly chart of ETH/USD.
In the immediate term, Ethereum must overcome the $2,650 resistance to continue its upward trend. The price achieved a significant milestone by surpassing the $2,450 and $2,500 resistance levels, signaling robust bullish activity. Further bolstering this momentum, ETH broke past the 76.4% Fib retracement level, calculated from the descending correction between the $2,633 high and the $2,528 low. Positive market signals are evident as it trades above the recent swing high of $2,633.
Ether’s price is holding its ground above $2,635, nestled comfortably beyond the 100-hourly Simple Moving Average. The aforementioned bullish trend line, set at $2,550, continues to offer substantial support.
On the upside, Ethereum faces resistance around the $2,650 mark, which correlates with the 1.236 Fib extension level derived from the downtrend correction between the $2,633 high and the $2,528 low. The immediate major resistance stands at $2,680, followed by another critical barrier around $2,720.
Succeeding in breaking past the $2,720 resistance could potentially pave the way for additional gains, driving Ether towards the $2,800 threshold in the short term. Subsequent resistance targets include the $2,880 and $2,920 levels.
However, if Ethereum cannot overcome the $2,650 resistance, it may enter a corrective phase. Initial support during this downturn is expected near $2,590, with the first significant support zone around $2,550, supported by the trend line.
A decisive breach below the $2,550 support could lead the price to revisit the $2,525 level. Further losses might extend the decline towards the $2,450 support zone in the near future, with the next crucial support located at $2,320.
Technical indicators are aligning with the current bullish momentum. The hourly MACD for ETH/USD is gaining traction in the bullish zone, while the hourly RSI stands above the 50 level. Ethereum’s immediate major support is at $2,525, and its major resistance remains at $2,650.
