#EthereumPriceAnalysis Holds Ground As Indicators Suggest Rally To $2,800
Ethereum's price exhibited strength by surpassing the $2,600 resistance and outperforming Bitcoin, maintaining gains above the $2,580 support level.
The positive momentum continued as Ethereum extended its rise beyond the $2,650 resistance zone. Currently, the price is holding above $2,550 and the 100-hourly Simple Moving Average. A new multi-week high near $2,683 was established before a corrective pullback occurred.
During the correction, Ethereum tested the $2,620 and $2,600 levels. The price encountered support near the 23.6% Fib retracement level of the upward move from the $2,245 swing low to the $2,683 high. Notably, a crucial bullish trend line is forming with support at $2,590 on the hourly chart of ETH/USD.
As Ethereum trades above $2,550 and the 100-hourly SMA, a potential upward move may face resistance around $2,640. The next significant resistance lies near $2,680. Surpassing this level could propel ETH towards $2,720, and a clear breakthrough might lead to further gains, targeting the $2,780 and $2,880 levels. Subsequent upward momentum could even drive the price towards the $3,000 zone.
However, if Ethereum struggles to overcome the $2,680 resistance, a downside correction might initiate. Initial support is anticipated near $2,590 and the aforementioned bullish trend line. The primary support level is around $2,465 or the 50% Fib retracement level of the upward move from the $2,245 swing low to the $2,683 high. A breach below $2,465 could extend losses, potentially testing the $2,350 support and further down towards $2,220.
Technical indicators reveal that the hourly #MACD for ETH/USD is losing momentum in the bullish zone, while the hourly #RSI is currently above the 50 level, indicating positive momentum.
In summary, Ethereum's recent price action suggests a strong bullish trend, but caution is advised if it fails to overcome key resistance levels, potentially triggering a downside correction.
Source - newsbtc.com
