Ethereum has recently experienced a significant upward momentum, pushing its price above the critical resistance level of $2,720. This increase has positioned Ethereum to potentially challenge the significant psychological barrier of $3,000, as it continues its bullish trend.
Ethereum’s Bullish Momentum Above $2,720
Ethereum’s price has initiated a notable surge beyond the $2,720 resistance, showcasing a robust upward trend. Currently, the cryptocurrency is trading above $2,750, supported by the 100-hourly Simple Moving Average. A promising bullish trend line is forming with support established around the $2,820 mark on the hourly chart for ETH/USD. Should Ethereum manage to surpass the $2,950 resistance level, it could continue its ascent.
Ethereum Price Extends Its Increase
Mirroring Bitcoin’s recent movements, Ethereum’s price embarked on a fresh uptrend beyond the $2,650 resistance. This progress allowed ETH to breach the $2,720 and $2,750 resistance levels, further cementing its position in a positive territory. Recently, Ethereum even broke past the $2,850 mark, demonstrating an impressive performance against Bitcoin. With a rise of over 10%, the currency has moved beyond $2,920, reaching a high of $2,955. The price now signals potential for further upward movement, maintaining a position well above the 23.6% Fibonacci retracement level, calculated from the $2,355 low to the $2,955 high.
Ethereum is currently trading above the $2,800 threshold and is comfortably above the 100-hourly Simple Moving Average. A bullish trend line is emerging, providing support at $2,820 on the ETH/USD hourly chart. On the upside, Ethereum faces challenges near the $2,920 level, with primary resistance at $2,950. The most significant resistance now appears to be near the $3,000 mark. A decisive breakthrough above this level could propel the price towards the $3,120 resistance, potentially opening the path to the $3,250 zone in subsequent sessions.
Are Dips Limited in ETH?
In the event that Ethereum is unable to break through the $2,950 resistance, a downward correction may ensue. Initial support on the downside appears near the $2,850 level, with the first major support zone situated around $2,820, aligned with the trend line. A clear drop below this support could see the price falling back to the $2,720 level. Further losses might push the price towards the $2,650 support level in the short term, with the next significant support positioned at $2,550.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is currently gaining momentum within the bullish zone.
- Hourly RSI: The RSI for ETH/USD is now positioned above the 50 mark, indicating bullish momentum.
- Major Support Level: $2,820
- Major Resistance Level: $2,950
As Ethereum continues its upward trajectory, investors and traders are keenly observing these resistance and support levels, aiming to capitalize on the cryptocurrency’s potential breakout or prepare for any corrective movements. The market’s next movements will be pivotal in determining Ethereum’s short-term future and its capacity to sustain this bullish trend.
