Ethereum consolidates above $2,580; bullish momentum may lead to gains.
Key resistance at $2,650; breakthrough could propel price higher.
Ethereum, the largest altcoin, is currently trading at $2,619, marking a 0.63% decline from its 17-day high of $2,688 three days ago. Despite the drop, Ethereum is up 9% over the past week. However, trading volume has decreased by 7%, signaling a potential shift in market sentiment.
Ethereum’s price has consolidated gains above the $2,580 resistance level, suggesting that it could gather momentum if it manages to clear the $2,650 resistance zone. A bullish trend line has formed with support near $2,600 on the ETH/USD hourly chart. If Ethereum breaks through the $2,650 and $2,680 resistance levels, it may continue its upward movement.
Although ETH tested the $2,550 support, it rebounded quickly, moving past the $2,580 and $2,600 resistance points. The price surpassed the 50% Fib retracement level from the $2,685 high to the $2,538 low, showing strength. However, it faces hurdles near $2,650, aligning with the 76.4% Fib retracement level.
Potential Breakdown Or Breakout?
Key resistance levels lie at $2,685, and if ETH breaks above this, the price could surge to $2,750. A successful climb past $2,750 might lead to a rise toward $2,840, with the next resistance at $2,880 or $2,920.
ETH Price Chart, Source: Sanbase
Meanwhile, on the downside, if ETH fails to break the $2,650 resistance, it could see a decline. Initial support sits at $2,600, with a major support zone at $2,570. A drop below this level could drive the price to $2,550 and potentially as low as $2,480.
Technical indicators show a bullish momentum in the short term, with the hourly MACD in the bullish zone and the RSI above 50. However, options data suggests a strong breakout above $3,000 may not happen until after the U.S. elections in November.
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