Ethereum’s Recent Bullish Movement
Ethereum’s price has shown a promising upward trend, surpassing the crucial $2,600 resistance level, signaling a fresh bullish phase. As Ethereum consolidates its gains, it appears poised to target a move beyond the $2,720 resistance threshold.
- Ethereum initiated a steady ascent above the $2,650 zone.
- The cryptocurrency is currently trading above the $2,600 mark and the 100-hourly Simple Moving Average.
- A significant bullish trend line is emerging with support positioned at $2,540 on the hourly chart of ETH/USD (data sourced from Kraken).
- The pair has the potential to continue its upward trajectory if it clears the $2,650 and $2,720 resistance levels.
Ethereum Price Eyes More Gains
Ethereum’s price established a solid base above the $2,550 level, commencing a fresh surge akin to Bitcoin’s recent movements. ETH successfully climbed past the $2,600 and $2,620 resistance barriers, moving into a positive territory.
The cryptocurrency even breached the $2,650 resistance, reaching a high of $2,719, before pausing to consolidate its gains. A minor dip occurred below the $2,680 level, with the price slipping under the 23.6% Fibonacci retracement level of the upward wave from the $2,489 swing low to the $2,719 high.
Currently, Ethereum is trading above $2,600 and remains above the 100-hourly Simple Moving Average. A key bullish trend line is also taking shape, providing support at $2,540 on the hourly ETH/USD chart.
As Ethereum’s price encounters resistance near the $2,650 mark, the first significant hurdle is near $2,700, with the primary resistance now forming around $2,720. A decisive move above this resistance could propel the price toward the $2,880 level.
Breaking past the $2,880 resistance might pave the way for further gains in upcoming sessions, potentially guiding Ether toward the $3,000 resistance zone.
Potential Downside Correction in Ethereum?
Should Ethereum struggle to clear the $2,650 resistance, a downward correction may ensue. Initial support on the downside is near the $2,600 level, coinciding with the 50% Fibonacci retracement level of the upward movement from the $2,489 swing low to the $2,719 high.
The first major support is situated near the $2,540 zone. A definitive move below this support could push the price toward the $2,500 mark, with further losses potentially sending Ethereum to the $2,450 support level in the short term. The subsequent key support is located at $2,320.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is losing momentum within the bullish zone.
Hourly RSI: The RSI for ETH/USD is currently above the 50 zone, indicating a bullish sentiment.
Major Support Level: $2,600
Major Resistance Level: $2,650
By closely monitoring these levels and indicators, traders can anticipate potential movements in Ethereum’s price, positioning themselves to capitalize on the market’s trends.
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