Ethereum has shown strength by starting a fresh increase from the $2,300 support zone. The price is now on the rise and could target a move above the $2,550 resistance level.
Key Points:
– Ethereum has experienced a decent increase above the $2,350 and $2,420 levels.
– The price is currently trading above $2,420 and the 100-hourly Simple Moving Average.
– A key bullish trend line is forming with support at $2,435 on the hourly chart of ETH/USD (data feed via Kraken).
– To sustain the upward momentum, the pair needs to surpass the $2,525 and $2,550 resistance levels in the short term.
Ethereum’s Positive Momentum:
Ethereum’s price has remained stable above the $2,300 level and has initiated a fresh upturn. The digital asset successfully broke through the $2,350 resistance, entering a positive zone similar to Bitcoin.
Recent Developments:
– The price climbed above the $2,400 resistance zone and surpassed the 50% Fib retracement level of the recent downward swing.
– Bulls managed to propel the price above the crucial $2,500 resistance.
– Currently, Ethereum is trading above $2,450 and the 100-hourly Simple Moving Average, with a key bullish trend line providing support at $2,435 on the hourly chart.
Looking Ahead:
Despite facing resistance near the $2,525 level, a clear breakthrough could propel the price towards the $2,550 resistance. Further upside movement may lead Ethereum towards $2,650 in the near term, with potential obstacles at the $2,720 or $2,740 levels.
Potential Decline Scenario:
Failure to surpass the $2,525 resistance could trigger another downtrend. Initial support is anticipated near $2,450, followed by a major support level at $2,420 along with the trend line.
Technical Analysis:
– Hourly MACD: Showing bullish momentum for ETH/USD.
– Hourly RSI: Above the 50 zone, indicating a positive sentiment.
– Major Support Level: $2,420
– Major Resistance Level: $2,525
In conclusion, Ethereum’s price action suggests a constructive trend with opportunities for further upward movement if key resistance levels are breached. Traders and investors should closely monitor market developments for potential trading opportunities.
