The Ethereum price has started a steady increase above the $2,550 resistance level, showing signs of beating Bitcoin in the market. It may even have the potential to clear the $2,750 resistance zone in the near future.
The hourly MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is now above the 50 zone. These technical indicators suggest some uncertainty in the market and warrant close monitoring of Ethereum’s price movement.
Ethereum formed a base near the $2,520 support zone before initiating a fresh increase above the $2,600 level. The price surged over 8%, outperforming Bitcoin and surpassing the $2,650 resistance zone. It eventually spiked above $2,720, reaching a high at $2,748 before consolidating gains.
If Ether continues to rise, it may encounter resistance near the $2,720 and $2,750 levels. A successful break above $2,750 could propel the price towards $2,880 and $2,920 resistance levels. However, failure to break the $2,750 resistance might lead to a downside correction.
In case of a downward movement, initial support is seen near $2,700 and the bullish trend line. Subsequent support levels include $2,640 and $2,580, followed by the critical support at $2,520. Any further decline may test the $2,450 support level in the short term.
While Ethereum has shown strength in its recent price movement, the market remains uncertain with various support and resistance levels to watch out for. Traders and investors should closely follow the price action and key levels mentioned above to make informed decisions regarding their Ethereum holdings.
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