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Ethereum Eyes Higher Levels
Ethereum’s price has shown resilience, maintaining stability above the crucial $2,300 mark and initiating a fresh upward trajectory. This upward momentum was marked by Ethereum’s ability to surpass the $2,350 resistance, positioning it within a favorable trading zone similar to Bitcoin.
As Ethereum continued its ascent, it successfully breached the $2,400 resistance area. This ascent included a notable move above the 50% Fibonacci retracement level, calculated from the downward wave peaking at $2,656 and bottoming at $2,310. The bullish momentum ultimately propelled the price past the significant $2,500 resistance level.
Currently, Ethereum is trading above $2,450 and remains above the 100-hourly Simple Moving Average. The presence of a bullish trend line, providing support at $2,435 on the hourly ETH/USD chart, further reinforces this upward trend.
Resistance and Potential Upside Targets
Despite the positive outlook, Ethereum is encountering resistance near the $2,525 level, closely aligned with the 61.8% Fibonacci retracement level from the $2,656 high to the $2,310 low. A decisive breakthrough above the $2,525 resistance could pave the way for Ethereum to challenge the $2,550 resistance, setting the stage for further gains.
Should Ethereum successfully break past the $2,550 resistance, it would likely invite additional upward momentum in the following sessions. In such a scenario, Ether could target the $2,650 resistance area, with subsequent hurdles aligning around the $2,720 or $2,740 levels, potentially marking new highs for the cryptocurrency.
Potential for a Downward Correction
However, if Ethereum struggles to overcome the $2,525 resistance, a downward correction could ensue. Initial support on this downside path is anticipated near the $2,450 level, with the first major support zone positioned around $2,420, which coincides with the trend line.
A significant decline below the $2,420 support could drive the price back towards $2,350. If the selling pressure intensifies, Ethereum might experience further losses, testing support at $2,320 in the short term. The next critical support level is marked at $2,250, highlighting potential areas of interest for traders and investors.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is gaining momentum within the bullish zone, suggesting continued upward pressure.
- Hourly RSI: The RSI for ETH/USD is currently above the 50 zone, indicating a bullish sentiment among traders.
- Major Support Level: $2,420
- Major Resistance Level: $2,525
Ethereum’s current market dynamics present a fascinating landscape for traders and investors alike. Monitoring key resistance and support levels will be crucial in anticipating Ethereum’s next movements and potential breakthroughs or corrections in the market.
