Ethereum has shown signs of strength as it consolidates near $2,680 after gaining pace above the $2,550 resistance zone. The cryptocurrency is now eyeing more upsides above $2,750, indicating a potential bullish trend in the near term.
Technical Analysis
The hourly chart of ETH/USD shows a key bullish trend line forming with support at $2,550. Additionally, the price is trading above the 100-hourly Simple Moving Average, suggesting a positive sentiment among traders. The MACD for ETH/USD is also gaining momentum in the bullish zone, while the RSI is above the 50 zone, indicating a strong buying pressure.
Resistance Levels and Support Zones
On the upside, Ethereum faces hurdles near the $2,700 level, with the first major resistance at $2,720. A close above this level could potentially push the price towards the $2,800 resistance, followed by the next key resistance at $2,865. However, if ETH fails to clear the $2,720 resistance, it may experience a downside correction. Initial support lies at $2,620, with the first major support zone at $2,550. A break below this level could lead to a drop towards $2,450, with further losses potentially pushing the price to the $2,320 support level.
Ethereum price has shown resilience and strength in recent trading sessions, with a potential for further upside above key resistance levels. Technical indicators suggest a bullish momentum, while support and resistance zones provide a clear roadmap for traders to navigate the market. Whether ETH can sustain its current positive trajectory and break above resistance levels remains to be seen, but the outlook appears promising for Ethereum investors.
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