Ethereum Continues to Surge, Breaking Resistance
The price of Ethereum has shown positive signs and recently surpassed the $2,300 resistance level. It is currently trading above $2,250 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a major bullish trend line is forming with support near $2,250.
Ethereum Price Extends Rally
Similar to Bitcoin, Ethereum has remained in a positive zone above $2,120. The price has extended its rally by surpassing the $2,200 and $2,250 resistance levels. It even spiked above $2,300 to form a new multi-month high near $2,316.
Currently, the price is correcting its gains and testing the 23.6% Fib retracement level. However, it remains above $2,250 and the 100-hourly Simple Moving Average.
Resistance Levels for Ethereum
The immediate resistance for Ethereum is near the $2,320 zone. If it clears this level, it could continue its rally towards the $2,350 and $2,420 levels. Further gains may lead to a wave towards the $2,500 level.
Are Dips Supported in ETH?
If Ethereum fails to break the $2,320 resistance level, it may undergo a downside correction. The initial support lies at around $2,265. The next key support levels are at $2,250 and the bullish trend line near that level.
If there is a downside break below $2,200 and the 100-hourly Simple Moving Average, it could initiate an extended decline. The key support is at $2,120.
Technical Indicators
The MACD for ETH/USD is gaining momentum in the bullish zone, indicating a positive trend. The RSI for ETH/USD is now above the 50 level, further confirming the bullish sentiment.
Hot Take: Ethereum Continues to Surge, Showing Positive Signs
Ethereum has been performing well and continues to show positive signs. It recently broke the $2,300 resistance level and is trading above $2,250 and the 100-hourly Simple Moving Average. With a major bullish trend line forming and key support levels in place, Ethereum has the potential to extend its rally further. However, it must overcome the immediate resistance at $2,320 to continue its upward trajectory. If it fails to do so, a downside correction may occur. Overall, Ethereum’s performance is encouraging and investors are optimistic about its future prospects.
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