Ethereum Surpasses $2,700 — Rally Gathers Momentum Again
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The value of Ethereum has continued to rise, surpassing the $2,700 mark. ETH is currently adjusting and may retest the support level at $2,575.
- Ethereum has initiated a new rise, breaking through the $2,700 resistance.
- The trading price is above $2,620 and the 100-hourly Simple Moving Average.
- A breakout occurred above a bearish trend line with resistance at $2,450 on the hourly ETH/USD chart.
- The trading pair could find buying interest around $2,575, potentially leading to another upward movement soon.
Ethereum Price Resumes Uptrend
The price of Ethereum has remained resilient, initiating a new climb above $2,550, outpacing Bitcoin. ETH gained momentum, crossing the $2,620 resistance threshold.
A breakout occurred above a bearish trend line with resistance at $2,450 on the hourly ETH/USD chart. The bulls managed to elevate the price beyond the $2,700 mark, reaching a peak of $2,736 before a correction began.
There was a slight decline below the 23.6% Fibonacci retracement level of the ascent from the $2,416 swing low to the $2,736 peak. Nonetheless, the bullish sentiment remains as the price stays above $2,620.
Ethereum is now trading above $2,640 and the 100-hourly Simple Moving Average. The price faces resistance around the $2,720 mark. The next significant resistance is situated near the $2,735 level, with the first major resistance at $2,750.
A significant move above the $2,750 resistance may lead the price toward the $2,840 barrier. A breakout above this level could result in further gains in the upcoming sessions. In such a scenario, Ether could potentially rise to the $2,880 resistance zone or even reach $2,950 shortly.
Is Another Pullback Likely for ETH?
If Ethereum cannot surpass the $2,720 resistance, it may initiate a new corrective phase. Initial support on the downside lies near the $2,600 area. The first major support rests around the $2,575 zone as well as the 50% Fibonacci retracement level of the ascent from the $2,416 swing low to the $2,736 high.
A clear drop below the $2,575 support could push the price toward the $2,500 mark. Further losses might send the price down to the $2,420 support region in the near term, with the next key support at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing a decrease in bullish momentum.
Hourly RSI – The RSI for ETH/USD has risen above the 50 mark.
Major Support Level – $2,720
Major Resistance Level – $2,575
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