Ethereum is back in the spotlight as its price surpassed the key resistance level of $2,550. The cryptocurrency is gaining momentum and may soon break through the $2,650 resistance. A new rally could be just around the corner, potentially pushing the price even higher.
Strong Growth Above Key Levels
Ethereum has begun climbing above the crucial resistance levels of $2,520 and $2,550, indicating possible further growth. The price is currently trading above $2,580 and is also above the 100-hour simple moving average. On the ETH/USD hourly chart, a key bullish trendline has formed, with support around $2,535, marking another important level for future upward movement.
If Ethereum manages to break through the resistance at $2,650 and $2,680, we could see a continued rally, opening the door for further price increases.
Ethereum Preparing for More Gains
Similar to Bitcoin, Ethereum continued its upward trend, breaking through the $2,550 resistance level. It then moved past $2,600 and even $2,620. The price briefly surged above $2,650 before a minor correction downward.
After dipping to around $2,540, the price began rising again. Ethereum is now trading above $2,600 and is also above its 100-hour simple moving average. The key trendline provides additional support near $2,535.
However, Ethereum is facing some hurdles near the $2,630 level, with the main resistance standing at $2,650. A clear break above this level could push the price towards the next resistance at $2,680. A further strong rally could then drive Ethereum towards the resistance zone at $2,880, or possibly even as high as $3,000.
Risk of a Price Drop?
If Ethereum fails to break through the $2,650 resistance, it may face another decline. The first support level on the downside is at $2,600, with strong support around $2,535. A drop below this level could push the price towards $2,450. Further losses might bring Ethereum down to the $2,400 or even $2,350 support levels.
Technical Indicators
Hourly MACD â The MACD for ETH/USD is gaining strength in the bullish zone.
Hourly RSI â The RSI for ETH/USD is now above the 50 level, signaling positive momentum.
Key Support Level â $2,535
Key Resistance Level â $2,650
Ethereum is at a crucial point. Will it break upward, or are we in for another correction?
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