The Ethereum price has seen a welcome resurgence, initiating a vigorous increase from the $2,080 zone. Currently, ETH is trading above $2,400, but it is facing barriers near the $2,550 level. This recent rise has been a welcome sight for investors as Ethereum managed to push past the $2,350 resistance zone, a significant milestone in its upward trajectory.
This current price situates Ethereum above both $2,350 and the 100-hourly Simple Moving Average. Crucially, a key bearish trend line with resistance at $2,240 was broken on the hourly chart of ETH/USD (data feed provided via Kraken). For continued growth, the pair must breach the $2,500 and $2,550 resistance levels.
Prior to this upward trend, Ethereum experienced a loss, dipping below $2,200. This was before the bulls appeared, much like the recent trajectory of Bitcoin. Ethereum’s price tested the $2,080 zone before starting a significant increase. This included a rise above both the $2,200 and $2,320 resistance levels.
The trend line break above $2,240 was a pivotal moment for Ethereum, helping it surge past the $2,500 resistance level. A high of $2,550 was reached, and now the price is adjusting some gains.
Ethereum’s price has now dipped below the 23.6% Fibonacci retracement level of the upward move from the $2,173 swing low to the $2,550 high. However, Ethereum remains firm, trading above $2,350 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $2,500 level. The first significant resistance is near the $2,520 level, with the primary resistance forming near $2,550. If Ethereum can clear this $2,550 resistance, the price could surge towards the $2,650 resistance level.
A clear move above the $2,650 resistance may lead to more gains in the coming sessions. In this scenario, Ethereum could rise towards the $2,780 resistance zone, or potentially even hit $2,850 in the near term.
However, if Ethereum fails to clear the $2,550 resistance, it could experience another decline. Initial support on the downside is near the $2,400 level, with the first major support at the $2,360 zone, or the 50% Fibonacci retracement level of the upward move from the $2,173 swing low to the $2,550 high.
A clear move below the $2,360 support might push the price towards the $2,320 support. Any further losses might send the price towards the $2,220 support level in the near term. The next key support sits at $2,080.
From a technical standpoint, the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. The major support level lies at $2,360, with the significant resistance level at $2,550. As the Ethereum market continues to fluctuate, investors and traders will be keeping a keen eye on these key levels.
