🚀 Ethereum Price Surge Imminent: Technical Signals Point to $2,600! 💹

Ethereum (ETH) is gearing up for a potential rally as it retests the $2,440 resistance zone, consolidating gains and eyeing a fresh surge towards the $2,600 level. Here's a breakdown of the technical indicators and key levels shaping ETH's trajectory:

Key Technical Highlights:

Ethereum gained strength, breaching the $2,350 level, and is currently trading above it.

The price is comfortably above the 100-hourly Simple Moving Average, indicating bullish momentum.

A crucial bullish trend line is forming with support around $2,360 on the hourly chart of ETH/USD.

Price Movement and Resistance Levels:

The bears contested the $2,440 resistance zone after a high near $2,430, triggering a corrective phase.

Ethereum remains resilient above $2,350 and the 100-hourly SMA, supported by a key trend line at $2,360.The immediate resistance lies at $2,390, followed by a significant hurdle at $2,440. A breakthrough could propel ETH towards $2,500 and beyond.A clear move above $2,550 may pave the way for a rally towards $2,620, with further upside potential to $2,650 and $2,800.

Potential Downsides and Support:

Failure to breach the $2,440 resistance might lead to a downward move.

Initial support rests at $2,360 and the key trend line, followed by $2,350.Further downside could see ETH testing the 50% Fib retracement level at $2,350, potentially opening the door to a decline towards $2,265.A break and close below $2,350 may initiate a more sustained decline, with the $2,200 level as a potential target.

Technical Indicators:

Hourly MACD is showing signs of losing bullish momentum.

Hourly RSI is currently above the 50 level, indicating positive momentum.

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