Ethereum Breaks Resistance and Gains Momentum
Ethereum has experienced a significant increase in price, surpassing the $2,250 resistance level. The current price is trading above $2,200 and the 100-hourly Simple Moving Average, indicating a positive trend. On the hourly chart of ETH/USD, a key bullish trend line is forming with support near $2,225.
Ethereum Price Follows Bitcoin
Similar to Bitcoin, Ethereum has seen a strong surge in price above $2,000. It successfully cleared multiple hurdles near $2,120 and entered a positive zone. The price even rose above $2,200 to establish a new multi-month high around $2,275. Although there was a minor retracement, Ethereum remains above the $2,200 level and the 100-hourly Simple Moving Average.
Key Resistance and Support Levels
The immediate resistance for Ethereum is near the $2,250 zone. A breakthrough above this level could lead to further gains toward $2,320 and potentially even $2,500. On the downside, initial support lies at the $2,220 level and the trend line. If Ethereum fails to clear the resistance at $2,250, it may experience a downside correction.
Are Dips Limited in ETH?
In case of a downside correction, Ethereum has several support levels to watch out for. The first key support is at $2,175 or the 76.4% Fib retracement level. The main support is located at $2,150 or the 100-hourly Simple Moving Average. A break below this level could trigger a steady decline with potential targets at $2,080 and even $2,020.
Technical Indicators: The MACD for ETH/USD is showing a loss of momentum in the bullish zone, while the RSI is currently above the 50 level.
Disclaimer: This analysis is not financial advice. Cryptocurrency trading involves risk and you should do your own research before making any investment decisions.
Hot Take: Ethereum Continues to Rise, But Faces Resistance at $2,250
Ethereum’s price surge has been remarkable, with the cryptocurrency surpassing key resistance levels. However, it now faces a major hurdle at $2,250. If Ethereum manages to break through this level, it could pave the way for further gains towards $2,320 and beyond. On the other hand, if it fails to clear this resistance, a downside correction may occur. Traders should closely monitor support levels at $2,175 and $2,150 to gauge potential reversals or further declines. Overall, Ethereum’s performance remains strong and its ability to maintain its current levels suggests that it is still in a bullish trend.
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