Ethereum price has been showing signs of strength as it gained pace for a move above the $2,550 resistance zone. Currently, ETH is consolidating near $2,680 and appears to be eyeing more upsides above $2,750. This positive momentum indicates a bullish sentiment in the market.
One of the key indicators for Ethereum’s price movement is the presence of a key bullish trend line forming with support at $2,550 on the hourly chart of ETH/USD. Additionally, the price is trading above $2,550 and the 100-hourly Simple Moving Average, further solidifying the upward trajectory.
While the price of Ethereum faces hurdles near the $2,700 level, the first major resistance is seen near $2,720. A close above this level could potentially push Ether toward the $2,800 resistance, with the next key resistance at $2,865. An upside breakout above $2,865 might signal a further rally towards the $3,000 zone in the near term.
On the flip side, if Ethereum fails to clear the $2,720 resistance, it could face a downside correction. Initial support is expected near $2,620, followed by the major support zone at $2,550. A clear move below $2,550 could result in a push towards $2,450, with further losses potentially leading to the $2,320 support level and ultimately the $2,250 mark.
Looking at the technical indicators, the hourly MACD for ETH/USD is gaining momentum in the bullish zone. Similarly, the hourly RSI is now above the 50 zone, indicating a positive sentiment among traders regarding Ethereum’s price movement.
Ethereum’s price action is currently on an upward trend, with key resistance and support levels to watch out for. The bullish momentum, supported by technical indicators, suggests a potential breakout above $2,720 and a move towards higher resistance levels in the near future. However, traders should remain cautious of a possible downside correction if Ethereum fails to maintain its current trajectory.