Recently, Ethereum’s price has shown signs of recovery as it surged above the $2,350 resistance level. The upward movement continued as ETH climbed above key levels such as $2,420 and $2,680, indicating a potential bullish momentum in the market.
There is a connecting bullish trend line with support at $2,440 on the hourly chart of ETH/USD, suggesting a positive outlook for Ethereum’s price movement. However, the bears are active near the $2,540 and $2,550 levels, creating obstacles for further upside movement. ETH is currently trading below $2,650 and the 100-hourly Simple Moving Average, indicating a mixed sentiment in the market.
If Ethereum manages to clear the $2,680 resistance zone, it could potentially rise steadily in the near term. The next major hurdles for ETH are near the $2,720 and $2,860 levels. A breakthrough above these levels might propel the price towards the $3,000 resistance zone. On the other hand, failure to surpass the $2,540 resistance level could lead to a downward trend. Initial support is seen at $2,440, followed by the $2,365 zone and $2,250 level.
Technical Indicators
The hourly MACD for ETH/USD is gaining momentum in the bullish zone, indicating a positive trend for Ethereum. Additionally, the hourly RSI for ETH/USD is now above the 50 zone, suggesting a potential uptrend in the near term.
Ethereum’s price recovery and potential bullish momentum show promising signs for investors and traders. However, cautious monitoring of key resistance and support levels is crucial to determine the future price movements of ETH. Investors should remain vigilant and adapt their strategies accordingly based on the evolving market conditions.