Ethereum Poised for Upside Break!

Ethereum’s price is currently consolidating its gains above the pivotal $2,550 resistance level. The cryptocurrency is showing signs of a potential upward movement, especially if it successfully breaks through the $2,650 resistance zone.

Ethereum initiated a new upward trajectory, surpassing both the $2,550 and $2,580 resistance levels.

The price is maintaining a position above $2,600, well-supported by the 100-hourly Simple Moving Average.

A bullish trend line is forming with significant support near $2,610 on the hourly chart of ETH/USD, based on data from Kraken.

The pair has the potential to continue its rally if it surpasses the $2,650 and $2,680 resistance levels.

Ethereum Price Eyes Further Upsides

Ethereum’s price has shown stability, remaining above the $2,550 pivot level, a performance reminiscent of Bitcoin’s market behavior. ETH has successfully navigated past the $2,600 and $2,620 resistance thresholds, even momentarily spiking above $2,650 before experiencing a downside correction.

The price is now on an upward trajectory again, trading above the $2,600 mark. Notably, the bulls have managed to overcome the 50% Fibonacci retracement level of the downward wave, which extended from the $2,685 swing high to the $2,538 low. Additionally, a bullish trend line is emerging with support near $2,610 on the ETH/USD hourly chart.

Currently, Ethereum is trading above the crucial $2,600 level, supported by the 100-hourly Simple Moving Average. On the upside, the price faces resistance around the $2,635 level. The first significant hurdle lies near the $2,650 mark or the 76.4% Fibonacci retracement level of the previous downward wave. A decisive breakthrough above this resistance could propel the price toward the $2,680 resistance level. Should the price surpass the $2,680 mark, it could herald further gains in the upcoming sessions, potentially targeting the $2,750 resistance zone in the near future. The next impediment could be around the $2,880 or $2,920 levels.

Potential Downside Risks for Ethereum

If Ethereum struggles to break through the $2,650 resistance, it might face another decline. Initial support on the downside is expected near the $2,610 level, along with the trend line. The primary support level is located around the $2,575 zone.

A definitive move below the $2,575 support could drive the price down towards the $2,550 level. Further losses might see the price descending to the $2,475 support level in the near term. The next critical support would be situated at $2,450.