Ethereum Price Eyes More Upsides
Ethereum has kicked off a fresh upward trend, surging above key resistance levels of $2,550 and $2,600. After a period of consolidation, ETH is gaining momentum, closely tracking Bitcoin’s recent rally. As it builds pace, Ethereum now faces a critical juncture at the $2,650 resistance, which, if broken, could propel the cryptocurrency toward even greater heights.
ETH began its ascent after clearing the $2,520 and $2,550 resistance zones, reaching as high as $2,650 before a brief pullback. Following the correction, Ethereum found support at the $2,540 zone, with a low around $2,538, and began rising again. It has since moved above $2,580, surpassing the 50% Fibonacci retracement level from the recent swing high of $2,684 down to the $2,538 low.
Currently, Ethereum is trading above $2,600 and the 100-hourly Simple Moving Average (SMA), indicating that the market is poised for a continued uptrend. A bullish trend line has formed with support near $2,535 on the hourly chart, offering further encouragement to investors hoping for a breakout.
Key Levels to Watch: $2,650 Resistance in Focus
While Ethereum is showing promising signs of strength, it faces a crucial test around the $2,630 and $2,650 resistance levels. The first major hurdle lies at $2,650, which aligns with the 76.4% Fibonacci retracement level of the recent downward correction. A decisive break above this level could signal a push toward $2,680.
If Ethereum manages to clear the $2,680 resistance, analysts are predicting further gains. In this scenario, ETH could rally toward the next major resistance at $2,880, with the $2,950 to $3,000 range being a realistic target in the near term. This would mark a significant recovery for Ethereum, reigniting bullish hopes for a sustained uptrend.
Potential Downside Risks: What If ETH Fails to Break Resistance?
While the outlook remains optimistic, a failure to clear the $2,650 resistance could trigger another decline. Initial support on the downside sits around $2,600, with stronger support near $2,535 along the trend line.
If Ethereum breaks below the $2,535 zone, it could accelerate losses, pushing the price toward $2,500. Should selling pressure continue, the next key support levels would be found at $2,450 and potentially as low as $2,400. Any further losses would bring $2,350 into focus as the next critical support zone.
Technical Indicators Point to Further Gains
Ethereum’s technical outlook remains positive, with key indicators suggesting room for further gains:
- The hourly MACD for ETH/USD is gaining momentum in the bullish zone, signaling an upward push.
- The hourly RSI for ETH/USD is well above 50, reinforcing the bullish sentiment in the market.
Major Support Level: $2,535
Major Resistance Level: $2,650
As Ethereum approaches these key resistance levels, the next few sessions will be critical in determining whether the cryptocurrency can break out toward $3,000 or face a short-term pullback. With bullish momentum building, all eyes are on ETH’s next move.
Source: NewsBTC.com