Ethereum Price Remains Resilient — Indicators Suggest Potential for a New Bullish Breakout
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The value of Ethereum has undergone a correction and has tested the $2,500 mark. Currently, ETH is rising again and may soon target an increase above the $2,600 level.
- Ethereum corrected from the $2,740 level down to $2,500.
- The cryptocurrency is trading above $2,520 and the 100-hour Simple Moving Average.
- A significant declining channel, or potential bullish flag, is forming with resistance noted at $2,575 on the hourly ETH/USD chart.
- Should the price clear the $2,600 resistance, it may gain further strength.
Ethereum Price Set for Upside Potential
Ethereum encountered challenges in surpassing the $2,740 resistance level, initiating a downward correction similar to Bitcoin. ETH fell below both $2,700 and $2,650 support levels.
The bears managed to drive the price below the 50% Fibonacci retracement level of the advance from the $2,415 swing low to the $2,735 peak. The price briefly dipped below the $2,520 threshold, but bullish activity emerged near the $2,500 area.
Support emerged near the 76.4% Fibonacci retracement level of the upward move from the $2,415 low to the $2,735 high, and Ether has since begun rising again from the $2,500 zone.
Currently, Ethereum is trading above $2,520 and maintaining its position relative to the 100-hour Simple Moving Average. The upside appears to face resistance around the $2,575 mark. Additionally, a key declining channel or a potential bullish flag can be seen, reinforcing resistance at $2,575 on the hourly ETH/USD chart.
The subsequent key resistance level lies near $2,600, while the first major resistance is positioned around $2,650. A decisive movement above the $2,650 mark could propel the price toward the $2,735 resistance. Should Ethereum break above the $2,735 mark, it may signal further upward potential in the upcoming sessions. In this scenario, Ether could aim to reach the $2,800 resistance zone or even target $2,920 shortly.
Could ETH Face Another Decline?
Should Ethereum struggle to break through the $2,600 resistance, a new decline might unfold. Initial support on the downside is around $2,525, with the first significant support level near the $2,500 area.
A decisive drop below the $2,500 support might push prices down toward the $2,420 support level. Further losses could lead to potential retracement towards the $2,350 support in the near future. The subsequent major support point stands at $2,320.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining positive momentum.
Hourly RSI – The RSI for ETH/USD is currently above the 50 threshold.
Major Support Level – $2,500
Major Resistance Level – $2,600
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