Ethereum Price Shows Promising Uptrend, But Will It Overcome Hurdles?
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Ethereum has found support at $2,320 and is on an upward trajectory. It may aim to break through the $2,650 resistance threshold.
- Ethereum has initiated a significant rise above the $2,450 and $2,500 levels.
- The price remains above $2,500 and the 100-hour Simple Moving Average.
- A breach occurred above a bearish trend line with resistance at $2,530 on the hourly ETH/USD chart.
- A strengthening move is likely if it surpasses the $2,650 resistance soon.
Ethereum Price Gains Momentum
Ethereum’s price underwent a correction below the $2,450 mark, unlike Bitcoin. It dipped below the $2,400 and $2,350 support thresholds but saw buying interest around $2,300.
A low was recorded at $2,308 before price recovery began. It managed to climb above $2,450 and $2,500, breaking through the 61.8% Fibonacci retracement level of the decline from $2,583 to $2,308.
Moreover, a break emerged above a bearish trend line with resistance at $2,530 on the hourly ETH/USD chart. Currently, Ethereum is trading above $2,540 and the 100-hour Simple Moving Average, also surpassing the 76.4% Fibonacci retracement level of the previous decline.
On the upside, resistance may appear around the $2,580 mark, with the next significant hurdle at $2,600. The main resistance level is positioned at $2,650. A decisive move past this barrier could lead the price towards $2,720.
A successful breakout above $2,720 could indicate further gains in upcoming sessions, potentially leading Ether towards $2,780 or even $2,840 shortly.
Is Another Decline Possible for ETH?
If Ethereum is unable to overcome the $2,650 resistance, a new downturn may commence. Immediate support on the downside is found near $2,520, with the primary support positioned around the $2,450 level.
A clear drop below $2,450 could lead the price towards the $2,420 mark. Further losses may push the price down to the $2,320 support level. The next significant support lies at $2,250.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gathering strength in the bullish range.
Hourly RSI – The RSI for ETH/USD is currently above the 50 mark.
Key Support Level – $2,450
Key Resistance Level – $2,650
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