Ethereum has recently experienced a steady increase in price, surpassing the $2,550 resistance level. This surge in price has positioned ETH ahead of Bitcoin and has the potential to clear the $2,750 resistance zone. The price is currently trading above $2,650 and the 100-hourly Simple Moving Average, indicating a positive trend.
A connecting bullish trend line is forming with support at $2,695 on the hourly chart of ETH/USD. This trend line, coupled with the 23.6% Fib retracement level, suggests a strong upward move from the swing low to the high point of $2,748. The price is consolidating gains near the resistance level of $2,720, with the next major hurdle at $2,750.
While Ethereum is showing signs of a bullish trend, there are potential challenges ahead. Failure to clear the $2,750 resistance level could lead to a downside correction. Initial support is expected near $2,700, followed by the $2,640 zone and the 50% Fib retracement level. A break below $2,640 could push the price towards $2,580 and further down to the $2,520 support level, with the next key support at $2,450.
The Hourly MACD for ETH/USD is losing momentum in the bullish zone, indicating a potential reversal in price action. On the other hand, the Hourly RSI for ETH/USD is currently above the 50 zone, suggesting a bullish sentiment among traders.
Overall, Ethereum’s price surge is a reflection of positive market sentiment and investor confidence. However, it is crucial to monitor key resistance and support levels to anticipate potential price movements. As the cryptocurrency market remains highly volatile, traders and investors should exercise caution and conduct thorough analysis before making any trading decisions.
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