Ethereum Price Soars Above $2,200 with 25% Jump—Rapid Momentum Grows
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The price of Ethereum has embarked on a new upward trajectory, surpassing the $2,000 threshold. ETH has increased by over 25% and is currently stabilizing around the $2,200 level.
- Ethereum has initiated a significant rise above the $2,000 resistance level.
- The asset is trading above $2,120, exceeding the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $2,150 on the hourly ETH/USD chart.
- The pair could continue to ascend if it successfully breaks the $2,250 resistance barrier.
Ethereum Price Rises Above $2,000
The price of Ethereum has gained support and started a vigorous upward movement, crossing over $1,880, outpacing Bitcoin. ETH accelerated its momentum, breaking above the $1,950 resistance area.
Bulls managed to push the price through the $2,000 resistance zone. The price has appreciated by over 25%, recently exceeding the $2,200 resistance mark. A peak was reached at $2,241, and gains are currently being consolidated above the 23.6% Fib retracement level from the $1,752 swing low to the $2,241 high.
Ethereum is now trading above $2,200 and the 100-hourly Simple Moving Average. Additionally, a bullish trend line is forming with a support point at $2,150 on the hourly ETH/USD chart.
The price appears to be encountering resistance around $2,240. The next significant hurdle is located near the $2,250 level. The major resistance is set at approximately $2,320. A definitive move above this mark could propel the price towards the $2,450 resistance. Surpassing the $2,450 threshold may lead to additional gains in subsequent sessions, potentially moving Ether closer to the $2,500 or even $2,550 levels soon.
Possible Decline for ETH?
If Ethereum cannot surpass the $2,250 resistance, it may trigger a new downward correction. The initial support level is around $2,200. The primary support zone is situated near $2,150, along with the trend line.
A significant drop beneath the $2,150 support could direct the price towards the $2,075 support level. Further declines might see the price reach the $2,020 support in the near future. The next critical support resides at $2,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining traction in bullish territory.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Key Support Level – $2,150
Key Resistance Level – $2,250
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