Ethereum Surges Above Key Levels
Ethereum has experienced a significant increase in price, surpassing the $2,200 and $2,220 levels. Currently, the price is trading above $2,240 and the 100-hourly Simple Moving Average. The hourly chart of ETH/USD shows a crucial rising channel with support near $2,275.
Potential for Further Upside
With a close above $2,320 and $2,350, the pair could potentially continue its upward trend. The next major resistance is near $2,400, and a clear move beyond this level may push the price toward $2,500. Further gains could even lead to a surge toward the $2,580 level.
Possible Decline in ETH
If Ethereum fails to break the $2,320 resistance level, it might experience a fresh decline. Initial support lies around the $2,275 level or the 100-hourly Simple Moving Average and the channel trend line. The main support is at $2,120.
Technical Indicators
The MACD for ETH/USD is showing a loss of momentum in the bullish zone on the hourly chart. However, the RSI for ETH/USD is currently above the 50 level.
Hot Take: Ethereum Continues Its Upward Trajectory
Ethereum’s price has surged above key levels and is currently trading with bullish momentum. With resistance levels being broken and strong support in place, there is potential for further upside. However, if resistance cannot be overcome, a decline may be imminent. Traders should closely monitor these levels as they make their investment decisions.
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