Ethereum Price Lags While Bitcoin Moves Toward New ATH

Ethereum’s Recent Surge: An Overview

Recently, Ethereum’s price experienced a significant upward movement, surpassing the critical $2,580 resistance level. This rise comes at a time when Bitcoin edges closer to its all-time high, showcasing Ethereum’s potential for continued growth.

Ethereum’s price saw a notable increase beyond the $2,620 range.

The cryptocurrency is currently trading above $2,580 and remains above the 100-hourly Simple Moving Average.

A prominent bullish trend line is emerging, offering support around the $2,530 mark on the hourly ETH/USD chart (data sourced from Kraken).

Ethereum could sustain its upward momentum if it successfully surpasses the $2,650 and $2,680 resistance thresholds.

Ethereum Price Climbs Gradually

Ethereum established a solid foundation above the $2,465 level, initiating an upward trajectory similar to Bitcoin. The cryptocurrency managed to break through the $2,550 and $2,580 resistance levels, shifting into a favorable zone. This movement marked over a 5% increase, reaching above the $2,620 mark. Currently, a peak has formed at $2,680, though Ethereum struggles to mirror Bitcoin’s robust performance.

Despite this challenge, Ethereum’s price remains above $2,600 and the 100-hourly Simple Moving Average. A bullish trend line offers support at the $2,530 level on the hourly ETH/USD chart. The key obstacle now lies in overcoming resistance near the $2,650 level. The primary resistance is around $2,680, with a more substantial barrier forming near $2,720. Successfully clearing the $2,720 resistance could propel the price toward the $2,915 mark.

Potential for Further Gains

Should Ethereum break through the $2,915 resistance, it could trigger further gains in the subsequent trading sessions. In such a scenario, the cryptocurrency might approach the $3,000 resistance zone, marking a significant milestone in its recovery and growth.

Possible Downside Correction for Ethereum?

In the event that Ethereum struggles to overcome the $2,680 resistance, a downside correction might be on the horizon. Initial support on this downward path is located around the $2,600 level. The first significant support can be found near the $2,560 zone, which aligns with the 61.8% Fibonacci retracement level of the upward movement from the $2,488 swing low to the $2,680 peak.

A decisive drop below the $2,600 support could drive the price down to $2,550. Further losses might lead to a decrease toward the $2,530 support level in the short term, with the next vital support positioned at $2,450.