ETH Begins Its Ascent Toward the $3,000 Mark

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The price of Ethereum found support around $2,500 and has begun to rise again, potentially aiming for a move past the $2,750 resistance level.

Ethereum has initiated a notable rise above the $2,550 and $2,620 marks.
The price is currently above $2,540 and the 100-hour moving average.
A bullish trend line is forming with support at $2,550 on the ETH/USD hourly chart.
The pair may gain momentum if it surpasses the $2,750 resistance in the near future.

Ethereum Price Strengthens

The price of Ethereum began to rise after Bitcoin reached a new all-time high. Bullish sentiment was noted near the $2,500 area, allowing the price to surpass the $2,600 barrier.

It moved above $2,620 and $2,650, even touching a peak of $2,720. A high was registered at $2,731, and the price now consolidates above the 23.6% Fibonacci retracement of the upward journey from the $2,442 swing low to the $2,731 high.

Ethereum is now trading above $2,675 and the 100-hour moving average, with a bullish trend line forming at $2,550 on the hourly ETH/USD chart.

Resistance may emerge around the $2,740 level, while the key resistance zone is near $2,750, followed by $2,800. A decisive move above $2,800 could drive the price toward the $2,840 range.

A breakout beyond the $2,840 resistance could indicate more upward movement in subsequent sessions, leading Ethereum towards the $2,920 resistance area or possibly even $3,000 soon.

Are ETH Dips Limited?

If Ethereum fails to break through the $2,750 resistance, a new decline may commence. Initial downside support is observed at the $2,675 mark, with the significant support near the $2,550 zone and the trend line, close to the 61.8% Fibonacci retracement of the upward leg from the $2,442 low to the $2,731 high.

A decisive move below $2,550 could drive the price down to the $2,500 support. Further losses could push the price toward the $2,450 level in the near term, with the next significant support at $2,420.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing increasing momentum in the bullish range.

Hourly RSI – The RSI for ETH/USD is currently above the neutral mark of 50.

Major Support Level – $2,550

Major Resistance Level – $2,740