Ethereum Price Soars: Can the Rally Sustain Momentum?
Ethereum Price Surges: Can the Rally Continue?
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Ethereum (ETH) has embarked on a fresh surge, breaking above the $2,500 resistance level. The cryptocurrency is currently trading over 5% higher and could be poised for further gains if it manages to clear the $2,650 resistance.
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Ethereum’s recent rally began after it established a base above the $2,400 level. The price action decisively pushed through the $2,450 and $2,500 resistance levels, marking a notable victory over Bitcoin in the market.
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The bullish momentum carried ETH above the $2,600 level, reaching a high of $2,650 before consolidating gains. Currently, the price remains above the 23.6% Fibonacci retracement level of the upward wave from the $2,442 swing low to the $2,650 high.
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Technical Analysis: Bulls Eyeing $2,800
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Ethereum is currently trading above the $2,550 level and the 100-hourly Simple Moving Average. A key bullish trend line is forming with support near $2,52 on the hourly chart of ETH/USD.
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On the upside, the price is encountering resistance near the $2,640 level. The first major resistance is located near the $2,650 level. A decisive move above the $2,650 resistance could propel the price towards the $2,720 resistance level. If the price breaches the $2,720 resistance, further gains are likely in the coming sessions, potentially leading to a surge towards the $2,800 resistance zone.
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The next significant hurdles are near the $2,880 and $2,920 levels.
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Potential for a Correction?
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Should Ethereum fail to overcome the $2,650 resistance, a correction could occur. The initial support level on the downside is near the $2,600 level. The first major support zone is located near the $2,520 area, coinciding with the trend line and the 61.8% Fibonacci retracement level of the upward wave from the $2,442 swing low to the $2,650 high.
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A break below the $2,520 support could push the price towards the $2,450 level. Further losses might send the price back to the $2,400 support level in the near term. The next key support level sits at $2,350.
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Technical Indicators
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- Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI: The RSI for ETH/USD is currently above the 50 zone.
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Key Levels
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- Major Support Level: $2,600
- Major Resistance Level: $2,650
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Stay tuned for further updates and analysis as the Ethereum price action unfolds.