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Ethereum’s Path to Higher Gains
The Ethereum market has been exhibiting a consolidative behavior, maintaining its gains above the crucial $2,580 resistance level. As investors and traders keep a keen eye on this cryptocurrency, Ethereum could experience a significant upward momentum if it successfully breaches the $2,650 resistance zone.
- Ethereum maintains a positive trajectory above the $2,550 and $2,580 resistance thresholds.
- The current trading price is above $2,600, supported by the 100-hourly Simple Moving Average.
- A pivotal bullish trend line is emerging with support near $2,600 on the ETH/USD hourly chart, sourced from Kraken data.
- Potential for continued upward movement exists if Ethereum surpasses the $2,650 and $2,680 resistance benchmarks.
Ethereum Price Targets Further Upside
Ethereum has demonstrated stability, maintaining its position above the $2,550 pivot level, mirroring Bitcoin’s behavior. Following a minor correction where it tested the $2,550 support, ETH initiated a fresh ascent above the $2,580 and $2,600 resistance zones. This upward movement was characterized by surpassing the 50% Fibonacci retracement level, calculated from the decline between the $2,685 swing high and the $2,538 low point.
The bullish momentum enabled Ethereum to break through the $2,620 resistance area. A crucial bullish trend line is forming, providing support near $2,600 on the ETH/USD hourly chart. Presently, Ethereum trades above $2,600 and is supported by the 100-hourly Simple Moving Average. However, the price is encountering resistance around the $2,650 mark, aligning closely with the 76.4% Fibonacci retracement level, defined from the $2,685 high to the $2,538 low.
Potential Resistance Levels and Upside Targets
The immediate challenge lies at the $2,685 resistance level. A decisive move above this point could propel Ethereum towards the $2,750 resistance. Should the price achieve an upward breakout beyond $2,750, the doors would open for further gains in the subsequent trading sessions. In such a favorable scenario, Ethereum might ascend towards the $2,840 resistance zone shortly. Additional resistance levels to monitor include the $2,880 and $2,920 marks.
Risk of Another Decline in ETH?
Despite the bullish outlook, risks of a downturn persist if Ethereum fails to breach the $2,650 resistance. Initial support on the downside is established near the $2,600 level, bolstered by the trend line. The first significant support zone is positioned around $2,570. A definitive decline below $2,570 could prompt Ethereum to revisit the $2,550 support level. Further losses might drive the price towards the $2,480 support in the short term, with an additional key support zone at $2,420.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish territory.
- Hourly RSI: The RSI for ETH/USD currently stands above the 50 level, indicating a positive sentiment.
- Major Support Level: $2,550
- Major Resistance Level: $2,650
