Ethereum has embarked on a fresh upward trajectory, surpassing the key $2,335 resistance level. Currently, ETH is eyeing additional gains beyond the $2,420 resistance mark.
The cryptocurrency initiated its latest ascent from the $2,280 resistance zone, finally breaking through the $2,320 and $2,350 barriers. Despite Bitcoin’s notable 5% gain, Ethereum struggled to mirror its strength fully. Nevertheless, ETH managed to clear the 76.4% Fibonacci retracement level of its previous downward wave, advancing past the $2,392 swing high and displaying encouraging signs.
At present, Ethereum is trading above $2,350 and the 100-hour Simple Moving Average. Additionally, a pivotal bullish trend line is forming, offering support at $2,310 on the hourly ETH/USD chart. However, the price is encountering resistance near the $2,420 level, which aligns closely with the 1.236 Fibonacci extension level from the $2,392 swing high to the $2,277 low. The first significant resistance is found near $2,450, followed by another major hurdle around the $2,550 mark.
If Ethereum successfully breaks through the $2,550 resistance, it could pave the way for more substantial gains, potentially propelling the price toward the $2,650 resistance zone. Further resistance awaits near the $2,720 or $2,750 levels.
Conversely, failure to clear the $2,420 resistance could trigger a new decline in Ethereum’s price. Initial support is located near $2,365, with the primary support situated around the $2,310 zone and the associated trend line. A decisive move below $2,310 may drive the price down to $2,280, and further losses could see it dropping to the $2,220 support level. The next critical support lies at $2,150.
Technical indicators reflect a bullish trend, with the hourly MACD gaining momentum and the RSI positioned above the 50 zone. Major support levels are identified at $2,310, while key resistance levels are marked at $2,420.
