The Relentless Ascendancy of ETH Persists
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The price of Ethereum has begun a notable ascent beyond the $2,350 mark. ETH has increased by over 35% and is stabilizing around the $2,500 level.
- Ethereum has initiated a fresh rise past the $2,350 barrier.
- The price is currently above $2,400 and the 100-hour Simple Moving Average.
- A bullish trend line is forming, with support at $2,480 on the hourly ETH/USD chart.
- The pair may continue its upward trajectory if it surpasses the $2,600 resistance.
Ethereum Price Increases and Breaks $2,500
The price of Ethereum has remained buoyant, leading to a rise above $2,200, outperforming Bitcoin. ETH accelerated to cross the $2,350 resistance level.
The buyers successfully lifted the price past the $2,500 resistance. The price soared over 35% and recently cleared the $2,550 threshold. A peak occurred at $2,606, and the price is now stabilizing. There was a slight pullback below the 23.6% Fibonacci retracement level of the upward movement from the $2,272 swing low to the $2,606 peak.
Ethereum is currently trading above $2,500 and the 100-hour Simple Moving Average. Additionally, a bullish trend line is forming with support near $2,480 on the hourly ETH/USD chart.
On the higher end, the price appears to be encountering obstacles around the $2,550 mark. The next significant resistance is found near $2,600. The primary resistance level is close to $2,620. A decisive move past the $2,620 resistance might propel the price towards $2,650.
A breakout above the $2,650 resistance may lead to even greater increases in subsequent sessions. In this scenario, Ether could surge towards the $2,720 resistance area or even reach $2,780 soon.
Are Dips in ETH Limited?
If Ethereum struggles to surpass the $2,550 resistance, it may trigger a new downward correction. Initial support lies around the $2,470 level. The first significant support is near the $2,440 zone and the 50% Fibonacci retracement level from the move between $2,272 swing low and $2,606 high.
A clear descent below the $2,440 support might drive the price down towards $2,350. Further losses could push the price down to the $2,270 support area in the near future. The next critical support is at $2,220.
Technical Indicators
Hourly MACD – The MACD for ETH/USD shows a loss of momentum within the bullish range.
Hourly RSI – The RSI for ETH/USD is currently above the 50 mark.
Major Support Level – $2,440
Major Resistance Level – $2,550
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