Ethereum has shown signs of strength as it gained pace for a move above the $2,550 resistance zone. Currently, ETH is consolidating near $2,680 and is eyeing more upsides above $2,750.
Ethereum started a decent increase above the $2,450 and $2,550 levels, showing bullish momentum in the market. The price is currently trading above $2,550 and the 100-hourly Simple Moving Average, indicating a positive trend.
Price Movement Analysis
There is a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD, suggesting a strong foundation for further upward movement. The pair could rise steadily if it clears the $2,720 resistance zone, paving the way for more gains.
On the upside, Ethereum faces hurdles near the $2,700 level, with the first major resistance at $2,720. A close above this level could propel Ether towards the $2,800 resistance, followed by $2,865. An upside break above $2,865 may lead to a push towards the $3,000 resistance zone in the near term.
If Ethereum fails to clear the $2,720 resistance, a downside correction could begin. Initial support on the downside is near $2,620, with the first major support at the $2,550 zone. A clear break below $2,550 could signal a further decline towards $2,450, and potentially down to $2,320 support level. The next key support sits at $2,250.
Hourly MACD for ETH/USD is gaining momentum in the bullish zone, signaling a positive outlook for Ethereum price. Additionally, the Hourly RSI for ETH/USD is now above the 50 zone, indicating strength in the current bullish trend.
Ethereum price has shown resilience and bullish momentum in recent trading sessions. With strong support levels and key technical indicators in favor of further upside movement, it is likely that Ethereum will continue its upward trajectory in the near term. Traders and investors should keep a close eye on the key resistance levels mentioned to gauge the potential price action in the coming days.
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