Ethereum Price Surges Above $2,350
The price of Ethereum has experienced a notable increase, rising above the $2,350 level. This surge comes after the cryptocurrency found support near the $2,250 mark and benefited from Bitcoin’s rise above the $44,400 resistance zone.
Ethereum managed to surpass key resistance levels at $2,300 and $2,320. Additionally, there was a significant breakthrough of a major bearish trend line with resistance near $2,300 on the hourly chart of ETH/USD. The pair also climbed above the 61.8% Fib retracement level from its recent downward movement.
Resistance at the $2,400 level now stands in the way of further upside potential for Ethereum. This is closely followed by the 76.4% Fib retracement level. If these hurdles are surpassed, the price could potentially reach $2,445 and then target higher levels at $2,500 and beyond.
Possible Downward Movement for Ethereum
If Ethereum fails to clear the resistance at $2,400, it may experience another decline. Initial support can be found near the $2,350 level, with further support at $2,320.
A break below $2,320 could trigger a major decline for Ethereum, potentially leading to a test of the $2,250 support level. If selling pressure continues to intensify, the price may even drop to around $2,120.
Technical Indicators and Key Levels
The MACD indicator for ETH/USD is currently showing bullish momentum in the market. Additionally, the RSI indicator has risen above the 50 level.
Major support for Ethereum is situated at $2,320, while the key resistance level is at $2,400.
Source: ETHUSD on TradingView.com
Hot Take: Ethereum Gains Momentum Amidst Bitcoin’s Rise
The price of Ethereum has surged above $2,350, finding support near $2,250 and benefiting from Bitcoin’s recent rally. With a breakthrough of key resistance levels and a bullish trend line, Ethereum has the potential to continue its upward trajectory. However, it must overcome the resistance at $2,400 in order to reach higher levels such as $2,445 and $2,500. On the other hand, if Ethereum fails to clear this hurdle, it may experience a downward movement with support levels at $2,350 and $2,320. Technical indicators suggest bullish momentum for Ethereum in the current market conditions.
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