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Ethereum’s price has embarked on a notable upward trajectory, surging past the crucial $2,450 resistance mark. As the cryptocurrency maintains its gains, there is a strong potential for bullish momentum to propel it above the $2,520 threshold.
Key Highlights of Ethereum’s Price Movement
- Ethereum initiated a gradual upswing, breaking through the resistance levels of $2,420 and $2,450.
- Currently, ETH is trading above $2,440, staying comfortably above the 100-hourly Simple Moving Average.
- A significant bullish trend line is forming, offering support around $2,455 on the hourly chart of ETH/USD, as per Kraken’s data feed.
- To sustain its upward momentum, the pair needs to surpass the resistance levels of $2,520 and $2,550.
Ethereum’s Price Regains Traction
Ethereum’s price action has shown resilience after establishing a foundation above the $2,350 mark. This foundation has paved the way for a fresh surge, allowing ETH to break through the $2,420 and $2,450 resistance levels, positioning it in a favorable zone compared to Bitcoin. The bullish sentiment even managed to push the price beyond the $2,500 barrier, culminating in a peak at $2,518. Currently, the price is consolidating its gains, maintaining stability above the 23.6% Fibonacci retracement level from the upward move originating from the $2,436 swing low to the $2,518 high.
At present, Ethereum is trading above $2,450 and remains comfortably above the 100-hourly Simple Moving Average. A crucial bullish trend line is forming, providing support near $2,455 on the hourly ETH/USD chart.
Potential Upside and Resistance Levels
On the upside, Ethereum’s price is encountering resistance near the $2,520 level. The first substantial resistance is positioned around $2,550. A decisive move above this level could propel the price towards the $2,580 resistance. An upward breach of the $2,580 resistance may trigger further gains in upcoming sessions. If this scenario unfolds, Ether could potentially ascend towards the $2,620 resistance zone in the short term, with the subsequent hurdle lying near the $2,650 or even the $2,720 mark.
Possible Pullback Scenario for Ethereum
In the event that Ethereum struggles to overcome the $2,520 resistance, a pullback might ensue. The initial support on the downside is situated near the $2,480 level. The first significant support is found near the $2,455 zone, aligning with the trend line or the 76.4% Fibonacci retracement level of the upward move from the $2,436 swing low to the $2,518 high.
A clear break below the $2,435 support could result in the price descending towards $2,420. Further declines might see the price approaching the $2,350 support level in the near term, with the next critical support positioned at $2,250.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone, indicating potential upward movement.
- Hourly RSI: The RSI for ETH/USD is currently above the 50 mark, signaling a bullish sentiment.
In conclusion, Ethereum’s price dynamics suggest the possibility of continued bullish momentum, but traders should remain vigilant for potential pullbacks, keeping a close eye on key support and resistance levels.
