Ethereum has recently experienced a steady increase in price, surpassing the $2,650 resistance level. This surge in value has positioned Ethereum ahead of Bitcoin and has investors speculating on the potential for an even greater rally towards the $3,000 resistance zone.
Upon analyzing the hourly chart of ETH/USD, it is evident that Ethereum has initiated a fresh uptrend above key levels such as $2,580 and $2,650. Currently, the price is trading above $2,670 and the 100-hourly Simple Moving Average, indicating a positive trend. Additionally, a significant contracting triangle has formed with support at $2,670, suggesting a potential breakout in the near future.
If Ethereum continues its upward trajectory, the price may encounter resistance at the $2,750 level. However, a breakthrough above this resistance could propel Ether towards $2,820 and eventually the $2,880 resistance. Ultimately, breaching the $2,880 level could lead Ethereum towards the coveted $3,000 resistance zone. On the flip side, failure to surpass the $2,720 resistance may result in a gradual decline in price.
In the event of a pullback, initial support for Ethereum is anticipated near $2,670 and the triangle’s trend line. Further support can be found at the $2,640 zone and the 100 hourly SMA, with critical levels at $2,620 and $2,550. The next significant support rests at $2,520, which could impact Ethereum’s price movement in the short term.
The Hourly MACD for ETH/USD indicates a potential loss of momentum in the bullish zone, while the Hourly RSI has risen above the 50 zone. These technical indicators suggest a mixed sentiment in the market, with a possibility of consolidation or a slight correction in the near term.
Ethereum’s price surge demonstrates positive momentum and resilience in the face of market fluctuations. As investors closely monitor key levels and technical indicators, the potential for Ethereum to reach new highs remains a focal point in the cryptocurrency landscape.
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