Ethereum Price Gains Momentum Above $2,450
Ethereum has experienced a notable increase in price, surpassing the $2,350 resistance level. Despite Bitcoin’s spot ETFs being approved with no significant impact on its value, Ethereum has gained bullish momentum.
On the hourly chart of ETH/USD, there was a break above a key rising channel with resistance near $2,440. As a result, the pair surged over 5% and cleared the $2,500 resistance zone. It even reached a new multi-week high at around $2,642 before consolidating its gains.
Ethereum is currently trading above $2,500 and the 100-hourly Simple Moving Average. If it continues to rise, it may encounter resistance near the $2,650 level. The next significant resistance lies around $2,720 and a move above this level could push ETH towards $2,780 and potentially into a bullish zone.
The next key resistance levels are at $2,840 and $2,920. Further gains could even propel the price towards the $3,000 zone.
Dips in ETH May Be Limited
In case Ethereum fails to surpass the $2,650 resistance level, it may undergo a downside correction. The initial support on the downside is anticipated near the $2,580 mark.
The first major support level is expected at the $2,500 zone or the 50% Fib retracement level from the recent rally. A break below this level and a close below $2,500 might lead to further downward movement. In such a scenario, Ether could test the support at $2,440 and potentially drop towards the $2,350 level.
Technical Indicators
The MACD for ETH/USD on the hourly chart is showing an increase in bullish momentum. Additionally, the RSI for ETH/USD is now above the 50 level, indicating a positive trend.
Major Support Level – $2,500
Major Resistance Level – $2,650
Hot Take: Ethereum’s Bullish Momentum Continues to Strengthen
Ethereum has demonstrated a significant surge in price, surpassing key resistance levels and reaching new highs. Despite Bitcoin’s spot ETFs not having a major impact, Ethereum’s bullish momentum remains strong. With a break above a rising channel and trading above the 100-hourly Simple Moving Average, Ethereum is poised for further gains.
If it manages to overcome the $2,650 resistance level, the path towards $2,720 and even $2,840 becomes more likely. This could potentially trigger a rally towards $2,920 and eventually the highly anticipated $3,000 zone.
However, if Ethereum faces a downside correction and fails to clear the $2,650 resistance level, it may find support near $2,500. A break below this level might lead to further declines towards $2,440 and potentially even lower.
Overall, Ethereum’s current technical indicators suggest a positive outlook for its price movement in the near term.
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