Ethereum Holds Crucial Support Level — Is a Surge Imminent?
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The price of Ethereum has found support near $2,350 and is beginning to rise again. ETH is now on an upward trend and could potentially break through the $2,580 resistance level.
- Ethereum has initiated a solid upward movement beyond the $2,480 and $2,500 marks.
- The current trading price is above $2,520 and surpasses the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support around $2,500 on the hourly ETH/USD chart.
- Strength may increase if the price clears the $2,585 resistance soon.
Ethereum Price Targets Higher Levels
In contrast to Bitcoin, Ethereum saw a correction below the $2,500 threshold. The price dipped under the $2,480 and $2,460 support levels. However, buyers stepped in around the $2,450 area.
A low was established at $2,445, after which the price began a new upward movement. It broke through both the $2,480 and $2,500 barriers, exceeding the 50% Fibonacci retracement of the decline from the $2,588 peak to the $2,445 low.
Currently, Ethereum is trading above $2,520 and its 100-hourly Simple Moving Average. A bullish trend line is also evident, with support established at $2,500 on the hourly ETH/USD chart.
On the upside, the price may encounter resistance near $2,555, aligned with the 76.4% Fibonacci retracement of the decline from the $2,588 peak to the $2,445 low. The next significant resistance level is around $2,585. A notable resistance is positioned at $2,620, and if surpassed, the price could approach $2,650.
A breakthrough above the $2,650 resistance could signal further gains in the subsequent sessions. If this scenario unfolds, Ether might climb toward the $2,720 area or even hit $2,800 shortly.
Is Another Decline Possible for ETH?
Should Ethereum struggle to surpass the $2,620 resistance, a fresh decline could begin. Initial support is identified near the $2,500 mark and the trend line. The primary support level is around $2,450.
A decisive move beneath the $2,450 support could drive the price toward the $2,420 support. Further losses may push the price as low as $2,320 in the near future, with key support situated at $2,250.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining traction within the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $2,450
Major Resistance Level – $2,620
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