Bulls Gear Up for Another Challenge
Reasons for Confidence
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The Ethereum price has established support around $2,460 and is currently on the rise. ETH is trending upward and may target the $2,600 resistance level.
- Ethereum initiated a noticeable increase above the $2,500 and $2,520 thresholds.
- The price remains above $2,520 and the 100-hour Simple Moving Average.
- A breakout occurred above a descending trend line that had resistance at $2,540 on the ETH/USD hourly chart.
- The pair has the potential to gain momentum if it surpasses the $2,600 resistance soon.
Ethereum Price Support Detected
The price of Ethereum began to rise significantly after Bitcoin reached a new all-time high. ETH approached the $2,720 range before reversing. Subsequently, the price fell below $2,500, testing the $2,450 mark.
A low point was established at $2,463, and now the price is climbing again. It breached the $2,500 threshold, surpassing the 23.6% Fibonacci retracement level from the $2,729 peak to the $2,463 low. Additionally, a breakout occurred above a descending trend line at $2,540 on the ETH/USD hourly chart.
Ethereum’s price is now trading above $2,520 and the 100-hourly Moving Average. On the upside, it could encounter resistance around the $2,600 level, close to the 50% Fibonacci retracement of the drop from the $2,729 high to the $2,463 low.
The next critical resistance is found near the $2,630 level, while the major resistance lies around $2,650. A decisive move beyond the $2,650 threshold may propel the price towards the $2,720 mark.
A breakout above the $2,720 resistance could indicate further gains in the upcoming sessions. If that occurs, Ether might reach the $2,800 resistance area, potentially even $2,850 shortly thereafter.
Are Dips Supported in ETH?
If Ethereum struggles to break through the $2,600 resistance, it could initiate a new downward trend. The initial support on the downside resides near the $2,520 level, with significant support close to the $2,500 mark.
A solid move below the $2,500 support line could drive the price down to the $2,460 support area. Further declines may see the price drop towards $2,420 in the near term, with another key support level at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining traction in the bullish territory.
Hourly RSI – The RSI for ETH/USD is currently above the 50 mark.
Major Support Level – $2,500
Major Resistance Level – $2,600
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