๐๐๐ #Ethereum on the Rise: Will the Uptrend Continue?
Ethereum Price Surges Over 5%, Eyeing Further Gains โ Currently at $2,617
- Ethereum's price saw a significant increase, breaking through the $2,500 resistance. $ETH is now up by more than 5% and currently trading at $2,617. The coin could continue rising if it clears the $2,650 barrier.
1. Ethereum began a fresh rally, surpassing the $2,500 and $2,550 resistance levels.
2. The price is trading above $2,550, along with the 100-hour Simple Moving Average (SMA).
3. A key bullish trend line is forming with support near $2,520 on the hourly chart of ETH/USD (Kraken data).
4. The pair has the potential to continue rallying if it breaks through the $2,620 and $2,650 resistance zones.
Ethereum Price Jumps Over 5%
- Ethereum formed a base above the $2,400 level and began climbing, breaking past the $2,450 and $2,500 resistance levels, outpacing Bitcoin. Bulls pushed ETH above $2,600, with a high of $2,650. The price is now consolidating these gains, remaining stable above the 23.6% Fibonacci retracement level of the upward move from $2,442 to $2,650.
- ETH is trading above $2,550 with support near $2,520. Resistance is at $2,640 and $2,650. A breakout could push the price to $2,720, with potential further gains toward $2,800, and resistance at $2,880 or $2,920.
Potential Pullback for ETH?
- If ETH fails to break the $2,650 resistance, it may decline. Initial support is at $2,600, with major support near $2,520. A drop below $2,520 could push the price to $2,450 or even $2,400, with key support at $2,350.
Technical Indicators:
- Hourly MACD โ The #MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI โ The RSI for ETH/USD is now above 50, indicating positive momentum.
- Major Support Level โ $2,600
- Major Resistance Level โ $2,650
Currently, Ethereum is trading at $2,617 as it eyes further upside potential.
