Ethereum’s value has witnessed a significant uptrend, breaking past the critical resistance point of $2,720. With an impressive increase exceeding 10%, Ethereum is now inching closer to the pivotal $3,000 barrier.
Key Highlights
- Ethereum initiated a robust surge, surpassing the $2,720 resistance zone.
- The current trading price is over $2,750, maintaining above the 100-hourly Simple Moving Average.
- A newly forming bullish trend line is emerging with support established at $2,820 on the hourly chart of ETH/USD, based on data from Kraken.
- The pair has the potential to rise further if it successfully clears the $2,950 resistance level.
Ethereum Price Continues Its Upward Momentum
The price of Ethereum embarked on a fresh upward trajectory, surpassing the $2,650 resistance, aligning with Bitcoin’s trend. ETH successfully broke through the $2,720 and $2,750 resistance levels, reinforcing its positive momentum. This progression was further highlighted when Ethereum surged past the $2,850 mark in recent trading sessions, outperforming Bitcoin. Experiencing an increase of over 10%, Ethereum even managed to move beyond the $2,920 level, reaching a high of $2,955, indicating potential for further gains.
Currently, Ethereum is trading well above the $2,800 mark and the 100-hourly Simple Moving Average. A connecting bullish trend line is also being formed, providing support at $2,820 on the hourly chart of ETH/USD. On the upside, Ethereum faces resistance near the $2,920 level, with the first significant resistance positioned around $2,950. The primary resistance is now forming close to the $3,000 mark. An evident breakthrough above this critical resistance could propel the price toward the $3,120 resistance level.
An upward break beyond the $3,120 resistance may pave the way for additional gains in the upcoming trading sessions. In such a scenario, Ethereum could potentially ascend toward the $3,250 resistance zone.
Evaluating the Possibility of Ethereum Dips
Should Ethereum struggle to overcome the $2,950 resistance, a downward correction might ensue. Initial support on the downside is expected near the $2,850 level, with the first major support zone around $2,820, aligned with the trend line. A decisive move below the $2,820 support could drive the price toward $2,720. Any further declines might lead to Ethereum testing the $2,650 support level shortly, with the subsequent key support found at $2,550.
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is gaining momentum within the bullish zone.
- Hourly RSI – The RSI for ETH/USD is currently above the 50 zone, indicating bullish momentum.
- Major Support Level – $2,820
- Major Resistance Level – $2,950
