Ethereum Attempts Fresh Increase Above $2,520 Level
Ethereum price has been trading above the $2,450 support level and is now making an attempt to break above the $2,520 level. The price is also above the 100-hourly Simple Moving Average, indicating a bullish trend.
Ethereum Price Holds Support
Ethereum has outperformed Bitcoin and is experiencing a fresh increase above the $2,500 resistance zone. The price has broken the $2,550 resistance and the 100-hourly Simple Moving Average. However, it faced some resistance near the $2,600 level and is currently undergoing a correction.
Fresh Decline in ETH?
If Ethereum fails to clear the $2,620 resistance level, it may experience another decline. The initial support on the downside is around the $2,550 level and the bullish trend line. If it breaks below the $2,500 support, further downward movement can be expected with a potential test of the $2,450 support level.
Technical Indicators
The MACD for ETH/USD is showing a loss of momentum in the bullish zone. The RSI for ETH/USD is currently above the 50 level.
Hot Take: Ethereum’s Bullish Momentum Continues
Ethereum’s price remains well-supported above key levels and continues to demonstrate its bullish momentum. While facing some resistance near $2,600, Ethereum’s ability to hold above support levels indicates that it may continue its upward movement. Traders should keep an eye on key resistance levels such as $2,620 and $2,710 as they could trigger significant increases in Ethereum’s price. However, if Ethereum fails to break these levels, a decline towards $2,450 and $2,350 is possible. Overall, Ethereum’s price action suggests a positive outlook for the cryptocurrency.
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