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Ethereum price is currently consolidating above the $2,580 resistance level. The price of ETH could potentially gain momentum if it manages to surpass the $2,650 resistance zone.
Ethereum has maintained a positive trend above the critical levels of $2,550 and $2,580. The price is trading above $2,600 and the 100-hourly Simple Moving Average, indicating a bullish sentiment in the market. Additionally, a key bullish trend line is forming with support near $2,600 on the hourly chart of ETH/USD, sourced via Kraken exchange. This suggests that there is solid support for Ethereum’s price movement.
If Ethereum manages to clear the resistance levels at $2,650 and $2,680, the pair could continue its upward trajectory.
Ethereum Price Aims For More Upsides
Ethereum price has demonstrated stability above the $2,550 pivot level similar to Bitcoin. Following a correction in gains, ETH tested the $2,550 support level before embarking on a fresh uptrend above the resistance levels at $2,580 and $2,600.
Recent price action saw Ethereum break above the 50% Fib retracement level of the previous downward move from the swing high of $2,685 to the low of $2,538. Bulls successfully pushed the price above the $2,620 resistance zone, with the formation of a key bullish trend line with support near $2,600 on the hourly chart of ETH/USD.
Currently, Ethereum price is trading above $2,600 and the 100-hourly Simple Moving Average. However, the price is facing resistance near the $2,650 level, close to the 76.4% Fib retracement level of the earlier downward move from the swing high of $2,685 to the low of $2,538.
The primary resistance lies at the $2,685 level. A decisive breakthrough above this resistance could propel the price towards the $2,750 resistance level. Further upward movement beyond $2,750 may indicate potential gains in future trading sessions. In such a scenario, Ether could target the $2,840 resistance zone in the short term, followed by hurdles at $2,880 or $2,920.
Another Drop In ETH?
If Ethereum fails to breach the $2,650 resistance level, it may undergo a downward correction. Initial support is anticipated at $2,600 and the trend line, followed by a major support level near $2,570.
A decisive move below the $2,570 support could lead to a decline towards $2,550. Further losses might push the price towards the $2,480 support level in the near term, with the next key support situated at $2,420.
Technical Indicators
Hourly MACD – The MACD for ETH/USD indicates a bullish momentum.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $2,550
Major Resistance Level – $2,650
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As Ethereum continues its price consolidation above key levels, traders and investors are closely monitoring the potential breakout above $2,650. Whether Ethereum aims for more upsides or experiences another drop remains to be seen, but the technical indicators suggest a bullish outlook in the market. The coming sessions will be crucial in determining Ethereum’s price direction, offering lucrative trading opportunities for market participants.
